CONCORD, N.C. -- Richard Petty says he has finished financially restructuring his race team and will field two cars in 2011.
Richard Petty Motorsports was in turmoil the last two months of the season because of the financial problems plaguing majority owner George Gillett Jr. Making it to the final four races of the year was not guaranteed for RPM because of debts not paid to partner Roush-Fenway Racing.
Petty owned just a small stake in RPM, but was working on a plan to take control of the organization from Gillett.
"Currently, we are concentrating on building two solid programs with AJ Allmendinger behind the wheel of the No. 43 entry and Marcos Ambrose in the No. 9 Ford," Petty said in a statement Monday. "We are very fortunate to have an extremely loyal family of partners and are looking forward to the future."
Cutting back to two teams will lead to significant layoffs at RPM.
Information from The Associated Press was used in this report.