The announcement said the team will now be overseen by a seven-member board of directors comprised of four officials from Boston Ventures and three representatives of Petty Enterprises, the Greensborough (N.C.) News-Record reported Wednesday.

"It's the next chapter in the Petty legacy," said Andy Davis, managing director of Boston Ventures, "and we're going to do everything we can to be good partners to make sure that legacy continues."

The deal is expected to inject millions of dollars into the struggling racing team, which is owned by former driver Richard Petty, a seven-time Sprint Cup champion.

Petty said in the announcement that Bobby Labonte, who has been with the team since 2006, has signed a four-year contract extension.

He also said the team may attempt to race a third car on a limited schedule next year.