CONCORD, N.C. — Petty Enterprises has sold majority ownership to the equity firm of Boston Ventures.

Under the deal announced Wednesday, NASCAR's most storied race team gives up control of an organization that has been family run since 1949.

Barry Baker, managing director of Boston Ventures, becomes Petty's new chairman, and David Zucker takes over as CEO. Zucker most recently had run Midway Games, a Chicago-based producer of video games.

The partnership gave Petty the stability it needed to retain Bobby Labonte, who signed a four-year contract extension after Boston Ventures came aboard.