BROOKLYN, Mich. -- The news this week that Richard Petty was giving up majority control in his family's race team to a private equity firm didn't come as a surprise to Richard Childress and Jeff Burton.

“

Obviously, what sponsors want to be a part of is a winning organization. They want to be part of an organization that does things right. They want to be part of a professional organization that puts all the effort in. When you do all of those things, the sponsorship game becomes easier.

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JEFF BURTON

In order to go racing in today's economic environment, you have to have money. And the best way to have enough money to compete at the top level of Sprint Cup right now is to bring in a partner who can find sponsorship deals and marketing initiatives that make sense for all parties involved.

That's why Childress went out six years ago and partnered with New York-based Chartwell Investments, a private equity firm which manages around $750 million of equity capital.

"This sport has become a multi-team, multi-ownership, really high-dollar game," Burton said before Friday's practice session at Michigan International Speedway. "It's really hard to compete. You've got to have the funding to compete."

A successful partnership is all about the bottom line, according to Childress.

"They have to see a return on their investment," Childress said. "I was one of the very first teams to do it when I brought Chartwell Investments in. And they've been happy. This is their sixth year and they've been real happy with what we've been able to do."

A partnership initially brings in an influx of fresh capital, but Burton said there has to be a sustaining reason for the partnership to be successful.

"What you have to make sure that having a partnership gives you is the ability to bring in more funds, long-term," Burton said. "If it's not long-term, it does you no good, if it's just a short-term burst.

"The key is being able to build a team that has the funding that a Hendrick has, that has the funding that a Gibbs has, that has the funding that an RCR has. If you don't have that, you can't compete. So the partnership thing works only if the new partner can bring relationships to the table that will enable you to generate more funds."

At the same time, Burton admitted that teams have a role to play in the partnership.

"Obviously, what sponsors want to be a part of is a winning organization," Burton said. "They want to be part of an organization that does things right. They want to be part of a professional organization that puts all the effort in.

"When you do all of those things, the sponsorship game becomes easier. The recruitment of employees becomes easier. The recruitment of top-flight drivers becomes easier."

Racing has always been about having enough funding to compete. But Burton said it's even more important to spend it wisely.

"That is the beginning and the end of it," he said. "If you don't have that successful environment, then there is no long-term success, there is no long-term business plan that will give much of a chance of staying in business."

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