CHARLOTTE, N.C. -- Nextel Cup team owner Ray Evernham took another step on Wednesday toward finalizing his partnership with Montreal Canadiens owner George Gillett Jr., informing his more than 35 sponsors collectively on how the deal will work.
Evernham has been negotiating for months an agreement that will give Gillett substantial ownership of his organization.
He told sponsors the partnership will allow him to focus more on the competition side of the business and provide him with the resources to keep up with top organizations.
The final terms aren't expected to be completed for another two to three months.
"A partnership with the Gillett Group would bring excellent resources to Evernham Motorsports," Evernham told his sponsors. "Not only does George Gillett offer incredible business experience, his team has deep knowledge of how to successfully manage sports organizations.
"This partnership would also benefit our partners at Evernham Motorsports with new business-to-business marketing opportunities."
Evernham told his sponsors he would continue to own a significant part of EMS and remain the CEO.
"It is an excellent opportunity that would benefit the entire organization," he said.
David Newton covers Nextel Cup racing for ESPN.com.