Petty race team reaches merger agreement

-- CHARLOTTE, N.C. -- Petty Enterprises has reached a merger agreement with Gillett Evernham Motorsports, creating a four-car stock car racing team that will ensure the Petty racing team's storied No. 43 competes in NASCAR Sprint Cup events in 2009.

However, the merger marks the end of the Petty team as a stand-alone operation. Several sources have indicated many of the struggling team's remaining employees will be laid off at the completion of the merger.

The two teams agreed in principle today, but said details of the transaction will not be released until the deal is finalized over the next month. The team will be co-owned by Richard Petty, Petty Holdings -- which is owned by majority shareholder Boston Ventures -- and Gillett Evernham Motorsports.

The name of the new team was not released, but it is believed the parties are leaning toward re-branding the organization Richard Petty Motorsports to capitalize on the seven-time NASCAR champion's name.

Petty Enterprises is the winningest team in NASCAR history with 268 Cup victories since 1949. The team had not won a race since John Andretti drove a Petty Enterprises car to victory at Martinsville Speedway in April, 1999.

Richard Petty won seven NASCAR championships -- the last in 1979 -- with the family team. His father, Lee Petty, won three.