The team will be co-owned by seven-time Cup champion Richard Petty, Petty Holdings, owned by majority shareholder Boston Ventures, and GEM, co-owned by George Gillett, Jr. and Ray Evernham. Details of the transaction are expected once the deal is closed, and team officials anticipate a final agreement by the end of this month.

"I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," Petty said in a statement. "This was a big decision for us, but it's something we really wanted to do. We hope everyone in the sport embraces what George and I are doing. Nothing is going to change for me. I'm going to be at the track every weekend and really involved with the teams and drivers back at the shop. We are very happy. George and I have a lot of work to do, but we have a plan and we'll be ready for Daytona."

Petty Enterprises, founded by family patriarch Lee Petty in 1949, has been NASCAR's most-famed racing organization, winning 10 Cup championships and a record 268 races. However, a Petty car has not been in Victory Lane since John Andretti won in 1999 at Martinsville, VA.

No driver lineup has been announced, however, GEM driver Kasey Kahne remains in the No.9 Dodge for this season.

Several reports indicate that Elliott Sadler will continue to drive the No.19 for GEM. AJ Allmendinger had reportedly been in line to take over Sadler's seat, but Sadler recently threatened to take legal action, claiming GEM breached its contract with him. Sadler's contract with the team runs through 2010.

Reed Sorenson will likely be named as driver of Petty's No.43 Dodge. Bobby Labonte drove the car from 2006-08, but announced last month he was leaving the team.

The team plans to run a fourth Dodge in eight races during the 2009 season, including the Budweiser Shootout at Daytona International Speedway next month and additional races contingent on sponsorship.

Evernham, who guided Jeff Gordon to three Cup championships as his crew chief, created Evernham Motorsports in 1999, spearheading Dodge's return to NASCAR. In 2007, Evernham partnered with Gillett to form GEM.

Gillett's business interests include ownership in the Montreal Canadiens and the English Premier League's Liverpool FC soccer team. He said its a privilege to help write a new chapter in the Petty family history.

"To join with Richard Petty and Petty Holdings is such an honor for me and my family," Gillett said. "Richard and I have gotten to know each other well over the last few years and both of us believe we have formed something that NASCAR fans will support. We plan to keep the Petty name in the forefront of NASCAR. We ask that all of the King's fans join with us. Our goal is to get the cowboy hat and sunglasses back in Victory Lane."

Evernham retains a minority ownership role with the new team. Meanwhile, Richard Petty and Petty Holdings will continue to own and operate the Richard Petty Driving Experience as an independent entity.

Key Petty employees Robbie Loomis, Dale Inman and Brian Moffitt will also have active roles with the new organization.

The team will use the GEM race shops in Statesville, NC and engine shop in Concord, NC.