Equity firm takes over Petty Enterprises

The partnership comes amid a wave of outside investors joining NASCAR. Jack Roush sold a portion of his race team to the Fenway Sports Group and Ray Evernham partnered with Canadian businessman George Gillett Jr.

But NASCAR chairman Brian France insisted small teams don't need investors to remain competitive in racing.

"They don't have to," France said. "They can and they have, and it's attractive for different investment groups. But the jury is still out from the actual benefits. It's not an either-or, but it's an attractive sport to do business in."

Boston Ventures has its work cut out in turning Petty Enterprises around.

Although the team has 268 career victories, 200 were by Richard Petty, who won his last race in 1984 and retired as a driver in 1992.

Petty Enterprises' last victory came with John Andretti in 1999, and the team is now plagued with sponsorship problems. The No. 45 car that Kyle Petty drives has only partial sponsorship, and General Mills announced earlier this year that it's leaving the No. 43 car at the end of the season.

"We are not that arrogant to think this can happen overnight," said Andy Davis, managing director of Boston Ventures. "But it is our goal to bring back Petty Enterprises to its former glory."