WHATTTTTTTTTTTTT

ON JATSKI'S

Gillett, RPM partnering with Saudi Prince

TO MUCH JUST TO MUCH

Quote :

Gillett, RPM partnering with Saudi Prince: 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 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. "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. The primary deal in the works actually centers on British football club Liverpool that Gillett owns a 50% stake in, but the deal would also include Richard Petty Motorsports. The Prince was at Anfield Stadium in England on Saturday as a guest Gillett, who confirmed that he has secured funding from the Saudi prince for his NASCAR team and an agreement to build Liverpool-branded football academies in the Middle East. The entire deal is reportedly worth up to $560 million.(NASCAR Examiner)(9-29-2009)

Ohh, my. Wow. Don't really know how to comment on this one. That's shocking.
Guess it won't really be all that different than having Red Bull execs from Germany run that team, but this still seems very, very strange.
Not sure what to think of this...

I WANT TO SAVE YATES BUT NOT THIS WAY

THIS IS THE PART I DON'T CARE FOR. SEEMS LIKE GILLETT WANT OT GET OUT UNDER -------

According to many however, the agreement signed Tuesday is the first step to Gillett selling his stake in the team

He also sold his prized Montreal Canadiens hockey team, so no big surprise that he's trying to get out of this too. I think he's having some personal financial troubles.

TeamBlueOval wrote:

He also sold his prized Montreal Canadiens hockey team, so no big surprise that he's trying to get out of this too. I think he's having some personal financial troubles.

WONDER IF THIS WILL PUT THE END TO THE PETTY AND YATES DEAL?

Yatesracing wrote:

TeamBlueOval wrote:

He also sold his prized Montreal Canadiens hockey team, so no big surprise that he's trying to get out of this too. I think he's having some personal financial troubles.

WONDER IF THIS WILL PUT THE END TO THE PETTY AND YATES DEAL?

Maybe it would be better to leave Gillett to stand along w/ Petty and YATES moving out. LOL

this is a tweet from Marty Smith, but most of the other NASCAR writers are tweeting the same thing.


MartySmithESPN Foster Gillett confirms no major ownership changes contemplated @ RPM. Says Gilletts are majority owners/plan 2 be so for a long time.

That's good to hear - hope it's true!

UPDATE Foster Gillett has confirmed there are no major ownership changes contemplated at Richard Petty Motorsports. The Gilletts are the majority owners of Richard Petty Motorsports and plan on being so for a long time.(RPM)(9-29-2009)

Only believe Half of what I read. Half of the updates on some of the rumors coming out of Jayski's , will happen somewhere down the line in the future.

WAS heard on NASCAR NOW it’s a rumor that Gillette is selling out RPM to the Arabs. They are selling their football team in England. (not by me, I don't watch Nascar Now)

ummm ok.... hopefully not- I wouldn't want to have to know that name.....especially with it being that long

Pretty much EVERYTHING is being rumored with this team right now, which is not a good thing!

This doesn't make sense. You only have one team of the 4 running decent, and Kasey does not have equipment to challenge for the Championship this year, and then they are off doing this that isn't going to help improve performance? It doesn't make sense. Is Gillett really a race fan or is it just another toy for him to play with like the other teams he has owned?