DECEMBER 31, 2008

Petty Enterprises closes its doors

It is a sign of the times in NASCAR that Petty Enterprises is to close its doors, laying off its remaining staff. The team is the oldest and most successful Cup team in NASCAR, with a history going back 60 years.

Founded by the late Lee Petty the team has won 10 NASCAR Cup titles and 268 race victories, and seven-time Cup champion Richard Petty is probably the most famous face the sport has ever had. The team has not won a championship since 1979 but the closure of the operation will be a huge symbolic blow for the sport.