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Last Updated: Monday, August 6, 2007 | 2:10 PM ET
CBC Sports

Montreal Canadiens owner George Gillett Jr. purchased majority control of a NASCAR racing team from Ray Evernham Monday, six months after negotiations began.

The team will be renamed Gillett Evernham Motorsports.

Evernham, who earned three NASCAR titles as a crew chief, will remain part owner of the team he started six years ago. The 49-year-old New Jersey native will handle competition duties, while letting Gillett take care of the team's finances.

Evernham is also part of three other Nextel Cup teams.

"With the business acumen of the Gillett family and its sports brands, we've greatly expanded our reach," said Evernham, who will keep the title as chief executive officer.

"It certainly allows us to capitalize on our strengths and position GEM for long-term success both on and off the track."

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