(By Greg Engle)
Posted: Tuesday,September 29th, 2009
(By Greg Engle, Cup Scene Editor, NASCAR Examiner)
In what could turn out to be one of the oddest pairings in the history of American stock car racing, Richard Petty Motorsports’ primary shareholder George Gillett Tuesday signed an ‘exclusive commercial collaboration’ agreement for his stake in the team to Prince Faisal bin Fahd bin Abdullah al-Saud, a member of the Saudi Arabian Royal Family.
The agreement signed Tuesday forms a partnership that will see the development of a NASCAR racing circuit and Richard Petty racing schools in the Saudi Kingdom and elsewhere in the Middle East.
Prince Faisal bin Fahd bin Abdullah al-Saud (Left) and George Gillett (Right) signed a memorandum of understanding Tuesday. (Photo: F6 Group)
“The Middle East sport market has immense growth potential as eager fans in the region demand access to more diverse, higher caliber competition. I am delighted, enthusiastic, and honored to have the opportunity to partner with such a visionary in His Highness Prince Faisal,” said Gillett after the signing.
According to many however the agreement signed Tuesday is the first step to Gillett selling his stake in the team.
As the two were publicly confirming the agreement, behind the scenes, Gillett and Prince Faisal acting on behalf of the Saudi sports investment group F6 he chairs, have begun a process of ‘due diligence’, the examination of financial records, with the goal being that Gillett would be bought out by the end of the year. MORE–>>
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