Firm takes over Petty Enterprises

CONCORD, N.C. - One of NASCAR's most storied race teams gave up majority control Wednesday when a private equity firm took over Petty Enterprises.

Although Richard Petty says he'll still have a large day-to-day role with the team his family has run since 1949, Boston Ventures now maintains control of the 60-year-old operation and the Richard Petty Driving Experience.

Barry Baker, managing director of Boston Ventures, becomes Petty's new chairman, and David Zucker takes over as CEO. Zucker most recently ran Midway Games, a Chicago-based producer of video games. Neither side would reveal the percentage of the organization that Boston Ventures now controls.

'Everything has changed so much from where we first started, and as time progressed, it really got away from us,' Petty said of the nearly 10 years of struggles the team has experienced.