By NASCAR.COMJanuary 8, 200910:30 PM ESTSTATESVILLE, N.C. -- Richard Petty will remain a prominent figure in the garage. However, Petty Enterprises -- a 60-year staple in the Cup Series -- has closed its doors.Gillett Evernham Motorsports and Petty Holdings announced Thursday an agreement in principle to form a new Cup team co-owned by Richard Petty, Petty Holdings (owned by majority shareholder Boston Ventures) and Gillett Evernham Motorsports.Petty to GEMDavid Caraviello suggests it's a sad and somewhat frustrating day. Richard Petty and the No. 43 car he made famous now move on to a new organization. So the No. 43 survives, even though deep down to many it won't feel like the real No. 43. But the real saving grace here is that tall man in blue jeans and boots and a cowboy hat.Richard Petty and Petty Holdings will continue to own and operate the Richard Petty Driving Experience as an independent entity."I want to get back to winning and together we will bring the resources, technology and infrastructure to do that," Petty said.The team will field four Dodge entries in the 2009 Cup season: Nos. 9, 10, 19 and 43.NASCAR.COM's David Caraviello says a change to the team name, which will reflect Petty's, will come at a later date."This is pretty exciting stuff," said Kasey Kahne, driver of GEM's flagship No. 9. "I've gotten to know Richard over my five years working with Dodge and I look forward to being around him more."This is pretty awesome. The Gilletts have done a fantastic job of putting this together. I think you can see their commitment to winning. We could have kept on the same path, but they made a pretty bold statement that they are here to win."The No. 10, which finished outside the top 35 in owner points in 2008 and thus is not guaranteed a starting position through the first five races this season, will complete in the Budweiser Shootout with additional races contingent on sponsorship. (Bud Shootout lineup)Details of the transaction are expected once the deal is closed. Petty and GEM officials anticipate a final agreement by the end of January."This was a big decision for us but it's something we really wanted to do," said Petty, a seven-time champion and owner of 200 Cup victories. "We hope everyone in the sport embraces what [GEM co-owner] George [Gillett] 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 is the winningest team in NASCAR history with 268 Cup victories since 1949.Gillett said it is 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," said Gillett whose business interests also include ownership in the NHL's Montreal Canadiens and the English Premier League's Liverpool FC."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."GEM has its own role in the history of NASCAR.Ray Evernham, named by the media as the sport's greatest crew chief of all time in 2006, created Evernham Motorsports in 1999 spearheading Dodge's return to NASCAR. In 2007, Evernham partnered with Gillett to form GEM -- and Evernham retains a minority ownership role with the new team."A lot has changed over the years in NASCAR but success still boils down to that cat holding the steering wheel and how he conducts himself both in and out of the car," Petty said. "I really want to help these guys with their driving and their careers."Petty employees Robbie Loomis, Dale Inman and Brian Moffitt also will have active roles with the new team, which will use the GEM race shops in Statesville, N.C. and engine shop in Concord, N.C.