Richard Petty and financial partners take control of RPM

Jason Smith/Getty Images for NASCAR (2009 photo)

Concord, N.C. (November 29, 2010) — Racing legend and all time NASCAR win leader Richard Petty is back in the driver’s seat.

Richard Petty Motorsports signed and closed a sale of its racing assets to an investment group comprised of Richard Petty, Medallion Financial Corp. (Nasdaq:TAXI) and DGB Investments.

Richard Petty, a seven-time NASCAR champion has won 200 races, including 10 Daytona races. Known in the NASCAR world as The King, Petty will serve as chairman and will be actively involved in overseeing day-to-day operations of the company. As previously announced, the team will operate the legendary No. 43 car driven by AJ Allmendinger and the No. 9 car driven by Marcos Ambrose.

“Today is a great day for me, my family, our fans and our wonderful sponsors. Ford, Stanley, Best Buy, Valvoline, Reynolds, Air Force, Super 8, Paralyzed Veterans of America, WIX Filters and Menards have supported me through thick and thin and I thank them from the bottom of my heart,” said Petty.

Andrew Murstein, President of Medallion Financial, commented: “We could not be happier to be able to acquire these assets together. Richard is one of the greatest names, not only in NASCAR, but in all sports. His name and image are a world recognized brand with unlimited potential to grow and expand in racing. Ample working capital has been invested in the company to insure this great team and legend will not only continue to perform, but will thrive and be back in the winner’s circle.”

“George and Foster Gillett deserve a great deal of credit for running a successful race team,” commented Petty. “They made a significant investment into the business and helped get back into Victory Lane. Going forward, we have put together an all-star ownership team consisting of myself, Medallion, and VeriFone CEO Doug Bergeron.”

Medallion Financial, a publicly traded investment company, has invested over $3 billion in companies since its IPO in 1996 and its board members include such notables as former New York Governor Mario Cuomo, former Connecticut Governor and Senator Lowell Weicker, and another King of his sport, Hank Aaron. The Murstein family is the largest shareholder in Medallion, owning approximately 20 percent.

DGB Investments is an investment vehicle of Canadian-born investor Douglas G. Bergeron, CEO of VeriFone Systems, Inc. (NYSE: PAY), San Jose, Calif. In 2001, Bergeron and DGB participated in the acquisition of VeriFone Systems from Hewlett-Packard in a transaction valued at $50 million. Today, VeriFone’s market value exceeds $3 billion dollars and Bergeron remains CEO and one of the largest individual shareholders.

Douglas Bergeron commented, “With Richard Petty’s unmatched name and reputation in the motorsports industry, I know this investment is well-timed to succeed. We are going to help put Richard Petty Motorsports back in victory lane.”

Petty concluded, “Our partnership with Andy Murstein and Doug Bergeron will help take us to a whole new level and I could not be more excited about our future.”

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It's Official: Kasey Kahne at Red Bull Racing

Kasey Kahne adressed the media in a press conference Friday morning at Martinsville Speedway. He and Jay Frye, Vice President of Red Bull Racing cleared the air about the Richard Petty Motorsports/ Kasey Kahne split.

Kahne confirmed that he was paid up to date by RPM and that his release from them was mutual. Discussion of this began Monday. Also, "Easy" Kenny Francis will remain with the nine car at RPM for the last five races of the 2010 season.

Then began the discussion about the move to Red Bull, "I've been doing the same thing for six and a half years, so everything's different. A big change for me.

"The excitement at Red Bull now... it's nice to be a part of it.

"I've been looking forward to next year for quite some time now. This just gives us a head start on next year." Kasey said.

Indeed, Red Bull is excited to have Kahne, too. Vice President Jay Frye expressed this when he said, "His DNA is a race car driver. We couldn't be more excited ro have him for the final five races and 2011.

"... We want to win races, make the Chase, and win the championship."

Kasey then continued to talk about those who questioned his commitment: "Anyone who questions my commitment doesn't know my love of racing."

"It's about me moving on, and starting with the next year. I'm glad we've done it." he said of the split.

"People can talk. They can say what they want, but I'm definately not a quitter. I've done a lot for that company for a long time." Kahne spent his first six and a half years within the organization. If he hadn't been doing something right, they would have gotten rid of him long ago.

Kasey is disappointed about leaving Budweiser early, but will finish out his appearences for 2010. We still do not have word if Budweiser will continue to sponsor Kasey Kahne Racing driver Joey Saldana.

Next year? Kasey is happy that they will be prepared and has time to get to know the company. He is hoping to win races for Red Bull.

As for Red Bull, Jay Frye says that they are still monitoring Brian Vickers' health and Scott Speed's performance. They also are dealing with the fact that they have three crew chiefs (Kenny Francis signed on to be with Kasey for 2011) and only two cars.

"This went down a lot different than anybody expected, especially myself."

We did not expect this either, Kasey.

Side note: During practice in the 83, Kasey said, "Everything feels good. Forward bite is good. Brakes feel really good!"

Thank you so much to Skirts and Scuffs for giving me this opportunity and for following this coverage all week!

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Kasey Kahne Released from Richard Petty Motorsports

A little before ten o'clock on Wednesday at night, a press release dropped that surprised some and did not surprise others. Indeed, Richard Petty Motorsports released Kasey Kahne from driving the number nine Budweiser Ford Fusion for the remaining five races of the season.

The beginnings of this came last Saturday during the Bank of America 500 at Charlotte Motor Speedway when Kahne's braking system seemed to fail (later it was found as a braking fluid issue). The handling of the car was frustrating to Kasey and the nine team, who had been at the top of the board in the final two practices. Kahne and his team began that race with high hopes, which came crashing down when Kasey's car spun in turn four. After limping the ill-handling car to the garage, Kahne got out of his car; he had not felt well before the race.

This is where it all went downhill. An unidentified Richard Petty Motorsports member told Kahne "to start doing his part." Kahne left and never returned to the number nine. JJ Yeley completed the race for him.

The next day, Kasey ran his 5 Kahne to raise money for his Kasey Kahne Foundation. After running in that race, he adressed the media, saying, "I can't control that as a driver. I'm doing my part; I just need the car. I work as hard as anybody out there."

When given the possibility about switching to Red Bull Racing (where he is headed for the 2011 season) early, Kahne thought for a moment and replied with "I don't think so. I doubt it."

Monday morning, Robbie Loomis, Vice President of Competition at Richard Petty Motorsports, adressed the media. He accused the Budweiser driver of not being able to handle adversity and because of that, he was not championship material. Whether Kahne heard this or not, we will never know.

Kahne is headed to Hendrick Motorsports in 2012 after a year at Red Bull Racing. Sure, he is anticipating better equipment and a better season. Can you blame a man for that after the season that he has had? He is winless with three poles and a handful of top-tens. But, he is the only one who has dealt with this braking system.

So, when the press release dropped, it was official; Kasey Kahne is done driving the nine Budweiser For Fusion for RPM. His plans? Red Bull Racing has signed him on to finish out the season in Brian Vickers' 83. Originally, Aric Amirola was to drive the 83, but will now drive the nine for RPM.

It seems as though this mess is over. Or we could only hope, at least.

Photo credit: www.Kaseykahne.com

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"... how can you quit on people if they've already quit on you?"

Richard Petty Motorsports Vice President of Competition Robbie Loomis addressed the happenings between an unidentified member of RPM and Kasey Kahne at Charlotte this weekend on Monday.

He started by trying to say that everyone is putting out 100 percent when everything is going well. However, he goes on to say, "It’s those times when you have bad times, it’s hard to fight through those bad times because you know there’s going to be something different you’re doing next year. Probably the hardest part is to keep your focus and attention on it." Paul Menard, Elliott Sadler and Kasey Kahne are all leaving RPM at the end of the season to pursue better offers. Menard is headed to Childress, Sadler is headed to drive for the Camping World Truck Series or the Nationwide Series for KHI, and Kahne is headed to drive for Red Bull Racing - a yearlong hop before heading to Hendrick Motorsports in 2012.

Kasey Kahne has not had the best of seasons. It has been up and down - one race he will come in second, the next he gets caught in a crash and ends up 33rd with a DNF. After making the Chase last year, sitting 21st in points is not what Kasey had imagined for himself this year. He planned to finish strong at RPM. However, some people within the RPM organization do not believe that Kahne is trying his hardest.

"When you know that [you’re leaving and it’s] in the back of your mind, it gets harder and harder when you’re having adversity to fight through it," Loomis said. "The real champions in life learn how to fight through those things even on the bad days. It’s all part of a growing process for us all."

Loomis suggests that Kasey Kahne is not championship material. If Kahne was not championship material, then why is Hendrick hiring him? Hendrick is made up of Jimmie Johnson, Jeff Gordon, Mark Martin and Dale Earnhardt Jr. In my eyes, all four men are legends within the history of this sport. After 2011, Kahne is headed to the No. 5. There, he will drive with these legends.

"When he gets over there [at Hendrick], with being around Jeff [Gordon] and Jimmie [Johnson], he’ll get to learn a lot through them and how they deal and fight with adversity, too. It was disheartening for all of us. We felt so good going into the race."

Again, Loomis suggests that Kasey does not know how to deal with adversity. If he did not know how to deal with the races that he does not do well, would he still have a ride? I think not.

Robbie Loomis changes the subject after that to say how excited the RPM team is to see A.J. Allmendinger and Paul Menard doing well. But, what about Kasey? What about the equipment problems that he has dealt with all year?

"There are about 12 guys around the car, including guys with AP [brakes], all trying to look at the master cylinders and all that," Loomis said. "Sometimes, you just, I don’t know, it seems like it’s been one of those years. We’ve just had a lot of the troubles fall on him and that car."

But out of the eight cars fielded by RPM and Roush Fenway Racing combined, Kasey is the only driver to have this brake problem. It is unacceptable to think that one out of eight Fords on the track is having this problem and it has not been looked into by anyone other than Kasey and Kenny Francis, his crew chief. RPM should be looking into this and use this information for the future. What if next year A.J. Allmendinger is driving at Charlotte and the brakes fail because of the brake fluid? What would happen then?

Jeff Gluck of sbnation.com made a very good point in his article titled "Aftermath, Charlotte II: Is Kasey Kahne A Quitter?" and that is this: "... how can you quit on people if they've already quit on you?"

The views expressed in this post are those of the author and not necessarily those of the site or its administrators.

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Kasey Kahne and the Frustration of the 2010 Season

After taking part in his charity 5Kahne, Kasey Kahne addressed the media about not finishing the race Saturday night at Charlotte.

Kasey's brakes had failed around Lap 40. His season full of frustration had not helped, either. This is the third brake issue from an RPM car this year, the second in three weeks. When he was involved in a crash later in the race, Kahne took the car into the garage, got out, and never looked back.

"I was just mad," he said. "I came into the race thinking we had a shot to win. We had a good car in practice. It went green, and I was still a little bit tight, but I passed cars and felt really good and then – boom – my brakes are gone."

Indeed, the nine team had a shot at winning this race. They were first in the second practice and fourth in the final practice. Kasey has an average finish of 11.6 at Charlotte - the best out of the non-chasers.

He said it was a joke that he goes to press the brake, it goes all the way to the floor, and doesn't work. I agree. A failure in brakes in a Sprint Cup car should not happen. It is ridiculous to look back and see that Kasey has had this problem three times this year.

Between Roush-Fenway, who also runs Ford Fusions, and Richard Petty Motorsports, Kahne is the only one who has had this problem.


"And that's a good point, but I've never had any issues in my past six years, and if you look at brakes after race, my brake pads are better (less worn) than any one of the other seven or the same as the best ones who don't use much brake. I don't use much brake. So it's just a mess, really."

When Kasey got out of his car after the crash, an unidentified member of Richard Petty Motorsports accused him of not doing his part. Kasey was mad as would be any sane person. Even I as a fan was outraged. How could a person say such a thing to a man that works his hardest day in and day out?

Kasey made a good point saying, "I can't control that as a driver. I'm doing my part; I just need the car. I work as hard as anybody out there."

On top of all that, Kasey was sick, despite anything that anyone said about him using that as an excuse.

Kasey and Kenny Francis, his crew chief, are headed to Red Bull Racing for 2011, before Kahne heads to Hendrick Motorsports in 2012. For this team, the end of the season could not come fast enough.

Think good thoughts for the nine team as they finish out their 2010 season. They tried their hardest and just have not had the luck or equipment.

The views expressed in this post are those of the author and not necessarily those of the site or its administrators.

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""Atta Boy!"

"'Atta Boy!"

That is what I yelled when I was watching qualifying yesterday and Kasey passed the finish line and qualified for the pole. His time of 30.920 completely dominated the qualifying results.
It is so nice to see Kahne, a non-chaser that has clearly had horrible luck all season long, qualify for a pole over all the Chase guys. Even better, his teammate, Paul Menard, is starting right up front with him! I'm sure RPM did not see this coming, because I didn't. An interesting fact, Elliott Sadler, who is also leaving RPM at the end of the season, qualified 15th. Meanwhile, A.J. Allmendinger qualified 30th.

I'm looking forward to next season to see how Kasey performs under a new team. He is a great driver with a great potential to win a lot of races or, even better, a championship. I have a good feeling that Kasey will show all the doubters what he is made of next year at Red Bull Racing and then the year after at Hendrick Motorsports. Especially at Hendrick. With Jimmie Johnson, a driver who has dominated the Sprint Cup series, Dale Earnhardt Jr., the most popular driver, and Jeff Gordon, a driver that came from a background like Kasey's and is a great driver, Hendrick can do no wrong by adding Kasey to the roster.

I do not pay attention to the results coming from Hendrick this year. It doesn't matter to me where they finish. The drivers are not the same. If I were to compare Mark Martin to Kasey, I wouldn't be saying the same things about them. Mark is a well seasoned veteran and is a great driver, while Kasey is in his seventh seson in the Sprint Cup series. They come from different backgrounds, they have different crew chiefs. The list is endless.

All in all, Kasey is not giving up and I felt that his pole-winning was an excuse to write about him. Keep your eyes on Kasey Kahne, he's already gearing up for the 2011 season!

The views expressed in this post are those of the author and not necessarily those of the site or its administrators.

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Kasey Kahne Unlucky Again

Kasey Kahne was running strong last night in the Emory Healthcare 500 at Atlanta Motor Speedway. He led a few laps, even. However, he was bumped from behind and sent down into the grass, causing a rear tire to go down and completely ruining his chance at winning the race.

This season hasn't been a great one for Kasey. He's been back in the late teens in points with no wins, except for the Gatorade Duel back in February. His average start has been 12.4, not horrible, and his average finish has been 17.7. That is pretty good, but not quite good enough to put him into the Chase this season.

Last night left him 18th in standings, too far away to put him in that 12th spot. Had that tire not gone down, he could have hopped into that 13th or 14th spot, putting him in good position for the spot they are all after. But, the tire went down and now he's a sitting duck in the late teens.

I do not believe, however, that it's Kasey's fault that he is back there. One thing that has always made me livid about his luck is the fact that RPM is not giving him the equipment he needs to contend for the chase. Kasey is a great driver with great potential. The cars that RPM is giving him are not what he needs. You can see Elliott Sadler, another driver with 69 career top 10s, is almost always shown out or a lap down. The cars that RPM is giving out are not cars that can contend with the cars from teams such as Joe Gibbs Racing, Hendrick Motorsports and Richard Childress Racing.

But, if you look at where Kasey is headed, you will see that he is headed in the right direction. A year at Red Bull Racing will give him a year to really focus on his racing and then he will head to Hendrick, arguably the best team that one could move to. Hendrick may not have the best cars this year, but with drivers such as Jimmie Johnson and Jeff Gordon, you can bet that Kasey will fit right in.

In conclusion, I believe that Hendrick will be strong in 2012 and I also would like to say that RPM is doing the right thing by going down to two cars. They can focus on two cars every week instead of four. That might be key to more Richard Petty victories!

"The opinions expressed in this post are solely of the author."

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