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)
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)