CHARLOTTE, N.C. -- Ray Evernham completed the sale of his NASCAR team Monday to Montreal Canadiens owner George Gillett Jr., ending nearly six months of negotiations to bring on a partner.
Gillett becomes the majority owner of the team, which will now be called Gillett Evernham Motorsports. Evernham, who won three championships as a crew chief, still has an ownership stake of the team he launched in 2001. But he will concentrate on competition issues going forward and allow Gillett to handle the business-side of racing.
"With the business acumen of the Gillett family and its sports brands, we've greatly expanded our reach," said Evernham, who will keep the title as chief executive officer. "It certainly allows us to capitalize on our strengths and position GEM for long-term success both on and off the track."
Evernham fields three Nextel Cup teams -- one is in partnership with Valvoline -- a Busch Series team and a part-time ARCA team.
In addition to the Canadians, Gillett is a co-owner of the Liverpool Football Club in the English Premier League. His other business interests include the Bell Centre, where the Canadians play, and Gillett Entertainment Group, which produces some 700 sporting and entertainment events in numerous venues throughout Canada and the U.S.
"Racing is in my blood," Gillett said. "It's not often you get to partner with a leader with Ray's reputation, talent and championship legacy."
More and more NASCAR owners are taking on partners or merging with existing teams to remain competitive in one of the ultra-expensive sport of racing.
Jack Roush opened the season by merging his organization with Boston Red Sox owner John Henry to form Roush Fenway Racing.
More recently, land developer Bobby Ginn merged his fledgling team with Dale Earnhardt Inc. And Robert Yates Racing last week partnered with open-wheel powerhouse Newman/Haas/Lanigan.
Gillett becomes the majority owner of the team, which will now be called Gillett Evernham Motorsports. Evernham, who won three championships as a crew chief, still has an ownership stake of the team he launched in 2001. But he will concentrate on competition issues going forward and allow Gillett to handle the business-side of racing.
"With the business acumen of the Gillett family and its sports brands, we've greatly expanded our reach," said Evernham, who will keep the title as chief executive officer. "It certainly allows us to capitalize on our strengths and position GEM for long-term success both on and off the track."
Evernham fields three Nextel Cup teams -- one is in partnership with Valvoline -- a Busch Series team and a part-time ARCA team.
In addition to the Canadians, Gillett is a co-owner of the Liverpool Football Club in the English Premier League. His other business interests include the Bell Centre, where the Canadians play, and Gillett Entertainment Group, which produces some 700 sporting and entertainment events in numerous venues throughout Canada and the U.S.
"Racing is in my blood," Gillett said. "It's not often you get to partner with a leader with Ray's reputation, talent and championship legacy."
More and more NASCAR owners are taking on partners or merging with existing teams to remain competitive in one of the ultra-expensive sport of racing.
Jack Roush opened the season by merging his organization with Boston Red Sox owner John Henry to form Roush Fenway Racing.
More recently, land developer Bobby Ginn merged his fledgling team with Dale Earnhardt Inc. And Robert Yates Racing last week partnered with open-wheel powerhouse Newman/Haas/Lanigan.
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