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Post by labontefanboy on Jun 28, 2014 17:39:58 GMT -5
Wells Fargo looking to get out of #45 deal Sources close to negotiations have told AP reporters that over the last two weeks, discussions have been held between Wells Fargo and Petty Enterprises. Supposedly, Wells Fargo is attempting to negotiate a contract termination, as the banking company's sponsorship of the #45 Dodge Charger lasts through 2009. The #45 team, however, has struggled to consistently qualify for races since Wells Fargo entered the fold as primary sponsor in 2006. Driver Kyle Petty qualified for just 16 of 36 races in '06, and just 7 of 17 so far this year. Citing "a complete and total lack of performance as was promised at the original signing of the contract", the company hopes to exit its deal without entering court. However, the company has lawyers ready and prepared to take Petty Enterprises to court. The 45 had already been announced by owner Richard Petty as only running part-time, and a team official speaking on conditions of anonymity said that the decision to lower the number of races for Wells Fargo to appear is also contributing to the company's desire to terminate the contract. However, no official team spokespeople replied to an e-mail request for more information. No driver has been named to replace the soon-to-be-retired Kyle Petty for 2008. (Frontstretch.com) (7/5/07)
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Post by labontefanboy on Jul 26, 2014 12:55:45 GMT -5
Wells Fargo looking to get out of #45 deal UPDATE: Wells Fargo not sponsoring #45 UDPATE2: Mike Wallace driving Sources close to negotiations have told AP reporters that over the last two weeks, discussions have been held between Wells Fargo and Petty Enterprises. Supposedly, Wells Fargo is attempting to negotiate a contract termination, as the banking company's sponsorship of the #45 Dodge Charger lasts through 2009. The #45 team, however, has struggled to consistently qualify for races since Wells Fargo entered the fold as primary sponsor in 2006. Driver Kyle Petty qualified for just 16 of 36 races in '06, and just 7 of 17 so far this year. Citing "a complete and total lack of performance as was promised at the original signing of the contract", the company hopes to exit its deal without entering court. However, the company has lawyers ready and prepared to take Petty Enterprises to court. The 45 had already been announced by owner Richard Petty as only running part-time, and a team official speaking on conditions of anonymity said that the decision to lower the number of races for Wells Fargo to appear is also contributing to the company's desire to terminate the contract. However, no official team spokespeople replied to an e-mail request for more information. No driver has been named to replace the soon-to-be-retired Kyle Petty for 2008. (Frontstretch.com) (7/5/07) UPDATE: Wells Fargo and Petty Enterprises have successfully voided a contract for the banking company to sponsor the #45 Dodge Charger in the 2008 NASCAR Sprint Cup Series racing season without entering court. Fargo will not have any involvement in NASCAR after the conclusion of the 2007 season. Sources close to the situation indicate that Petty's decision to only run the 45 part-time allowed Fargo to utilize its exit clause, and Petty had no choice but to allow it to happen. (FoxSports.com) (8/3/07) UPDATE 2: Reports indicate that Petty's plans for the #45 are to have Mike Wallace run the restrictor-plate races, Gateway, Chicagoland, and Kansas with a paint scheme supporting the Victory Junction Gang Camp. (Frontstretch.com) (8/4/07)
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