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Report: Petty Enterprises, GEM merging

Updated: December 31, 2008, 10:58 AM ET
ESPN.com news services

Petty Enterprises has agreed to a merger with Gillett Evernham Motorsports, with a formal announcement of the deal expected next week, Foxsports.com reported, citing multiple sources.

Petty Enterprises and team owner George Gillett agreed to a deal on Christmas Eve, but the terms of that agreement have yet to be made public, according to the report.

While the newly merged team would likely be rebranded under the Petty name, according to the report, the deal would close ...

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