More details on the Petty ‘buyout’ of Yates

The deal that brought together Richard Petty Motorsports and Yates Racing for next season is more of a buyout than a merger, minority owner Richard Petty said on Friday. "We're basically taking over their deal," the seven-time Sprint Cup champion said before qualifying at Richmond International Raceway. "As far as I know all of that whole operation will be Richard Petty Motorsports." Petty said George Gillett Jr., who declined to comment earlier Friday, would remain the controlling owner. He said Robbie Loomis, the executive director of race operations at RPM, will continue to run day to day operations. He was unsure what role Max Jones, who co-owned Yates Racing with Doug Yates, would take but speculated that he would stay on as the general manager. Jones declined to comment. Sources close to the situation said Yates would continue to run the Roush-Yates engine program that will supply engines to RPM's four teams — Paul Menard from Yates and Kasey Kahne, Elliott Sadler and A.J. Allmendinger from RPM. Petty said plans are to move from RPM's Statesville, N.C., shop to Yates' facility in Concord, N.C., to be closer to Roush Fenway Racing, which will continue to supply parts, pieces and technical support as it did with Yates. Because engines will come from Roush-Yates, RPM will have to shut down its engine department that employed more than 40 people. Petty said the potential of letting more people go during tough economic times was the tough part of the deal. More at ESPN.com