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CONCORD — Just as mom and pop stores struggle to compete against behemoth Wal-Mart, Petty Enterprises faced a similar fight in NASCAR's Sprint Cup series.
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The Pettys, who have not won a Cup race since 1999, announced Wednesday that they have help in their race against the sport's top teams. They've sold controlling interest of the team to Boston Ventures, a private equity company that has invested in Motown Records and the parent company of The National Enquirer.


The Pettys had been family-run since Lee Petty decided to go racing in 1949 and turned the reaper shed next to his Level Cross home into a race shop. Now, someone with no link to the family, other than money, will run the team. One thing that won't change is the team's name.


What Wednesday's announcement means won't be determined for months, maybe years. Although the Pettys proclaimed the deal as "a huge step forward," and a Boston Ventures executive called it "the next chapter in the Petty legacy,'' how the team performs will say if this deal proved worthwhile.


The agreement, in which no terms were announced, does two immediate things:


* Keeps Bobby Labonte, whose contract was to have expired after this season, with the Pettys. The team announced he has signed a four-year deal to remain.


* Infuses the two-car operation with money for more personnel and equipment.


Adding investors is the sport's newest trend as costs continue to escalate. The Pettys are the fifth team in the past 16 months to make such deals.


Four months ago, Kyle Petty said he wasn't convinced the team needed a partner, saying: "I've seen no investor come in and change the sport. I've seen no investor come in and beat Rick Hendrick. I've seen no investor come in and move to a different model than what's already existing. When that happens, then maybe I'll be a little bit more convinced.''

On Wednesday, Petty said he stood by those words.


Petty admits some deals appear to show progress. George Gillett bought a majority interest in Evernham Motorsports last August. The team, which hadn't won since 2006, has won three of the past five Cup races with Kasey Kahne.


Petty noted that this deal doesn't guarantee similar success immediately.


"Don't look for an initial bump in anything on the race track,'' he said, echoing comments from the team's new CEO David Zucker and from Andy Davis of Boston Ventures.


Such results could take a few years. Richard Childress Racing is such an example. The team added Chartwell Investments as a partner in April 2003 in the midst of the team's struggles. Childress' cars won one Cup race the next two seasons.


Things improved. Kevin Harvick finished fourth in points in 2006.

Childress placed all three cars in the Chase last year with Clint Bowyer finishing third.


Childress also expanded operations, adding an engine production shop in 2006. The team added 93,000 square feet to its Cup shop last year.
Petty Enterprises is looking for similar growth — along with securing sponsorship for both cars next year.


The team employs about 140 people and will look to add more. Hendrick Motorsports employs about 550.


Robbie Loomis, vice president of racing operations at Petty Enterprises, also says the deal allows the team to buy more equipment.


There had been times, he said, when team executives debated months whether to buy certain equipment. As discussions lingered, other teams pulled further ahead of the Pettys.


The new partners will create a new structure. A seven-member board of directors will oversee Petty Enterprises and other related Petty businesses, including the Richard Petty Driving Experience. Boston

Ventures will have four board members; the Pettys, three.


"This is the way to go,'' Richard Petty said Wednesday of the agreement. "For the best of my family, everybody just felt like that with the way … NASCAR is growing, this is the only way we could go and still be competitive next year and five to 10 years down the road.''

Contact Dustin Long at 373-7062 or dustin.long@news-record.com