Before landing major sponsorship in 1972, the Petty Enterprises team remained very much a family-based operation.
After several years of struggle, Petty gradually stepped away from the ownership role. The investment group, Boston Ventures, purchased a majority interest in Petty Enterprises in 2008.
Just before the 2009 season, Petty agreed to merge his team with Gillett Evernham Motorsports.
The famed complex of low-slung buildings in Level Cross, N.C., that comprised Petty Enterprises is now basically a museum.
http://www.tricities.com/tri/sports/motor_sports/article/nascar_legends_feel_teams_could_benefit_from_a_more_streamlined_approach/21777/
From an article in Hot Rod... that Petty Holdings will operate under ownership of Boston Ventures and Gillett Evernham Motorsports, using the GEM shop
