Petty sells majority interest in team, Labonte signs 4 year extension
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On Wednesday, Petty Enterprises will announce that Boston Ventures, a private equity firm, has acquired controlling interest in the 60-year-old racing operation which has produced 10 Nat\’l Assoc for Stock Car Racing champions but struggled to remain competitive the last two decades. Richard Petty will remain involved at a high level, but David Zucker, 45, will assume the role of CEO according to David Hovis, a spokesman for Petty Enterprises.
Hovis also said it will also be announced that veteran driver Bobby Labonte has agreed to a four-year extension. Labonte will continue to drive for what is expected to remain a two-car Cup team for 2009.
Until March, Zucker had been CEO of Midway Games, a Chicago-based producer of video games. In 2002, Zucker was named president and CEO of Playboy Enterprises. From 1988-1999 he was with the Walt Disney Corp., becoming executive vice president at ESPN. He also served as director of ESPN International, overseeing international operations.
Petty said the initial deal is to run two cars but indicated he’d like to have a third Cup team running full time by 2010. Sponsorship, however, remains an issue. The team is losing its primary sponsor of the Labonte’s #43 car. General Mills, to Richard Childress Racing next year. Hovis said a fourth component of the deal will be announced at a Wednesday press conference.
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