(CONCORD) -- The need to be more competitive demanded it, so Richard Petty sold control of Petty Enterprises to investment firm Boston Ventures. "To go forward and grow a business then you need extra monies and we felt like the investment that Boston Ventures was going to do was going to give us that opportunity to do that," said Petty.

Richard's father, Lee, founded the company in 1949. It has been a family run business since then. Petty seemed to make it clear that in spite of the deal with Boston Ventures, his name is still on the door. "From the outside, you're not going to see any difference except hopefully the team gets better."

Even though Boston Ventures brings in a new Chief Executive of Petty Enterprises, "The King" said he is still going to be very involved in the day-to-day operations. "No matter what happens, the buck stops here."

Bobby Labonte will continue driving the legendary number 43 Petty Enterprises car. Labonte signed a new 4-year deal and is ready to help rebuild the strength of iconic race team. "It's a long, hard road. It's not going to happen overnight, but we are moving forward and look forward to competing better," said Labonte. Petty Enterprises has not won a race since 1999.