Former NASCAR great Richard Petty has teamed up with Medallion Financial Corp and DGB Investments to save Richard Petty Motorsports.RPM, formerly owned by George Gillett Jr., was in financial ruin and had taken on over $100 million in debt.
But Petty and the two new partners have contributed millions of dollar to pay of teh company’s debt, allowing RPM to resume racing as a two-car operation next season.
Petty himself will serve as chairman of RPM.
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