Richard Petty has taken back full control of his NASCAR team, through buying out former partner George Gillett.
Petty, now 73, will serve as chairman of the team and will oversee the daily running of two Fords for AJ Allmendinger and Marcos Ambrose in 2011.
"This is a great day for me, my family, our fans and our wonderful sponsors," Petty said. "They have supported me through thick and thin and I thank them from the bottom of my heart.
"Our partnership with Andy Murstein and Doug Bergeron will help take us to a whole new level and I could not be more excited about our future."
A team statement added that it will still get chassis and engines from Roush and will remain in its Concord, N.C., headquarters. Gillett had previously merged the Petty Enterprises squad with his Gillett-Evernham Motorsports team to run four cars for the past two seasons.
Ford was quick to lend its support to the team's new situation.
“We're elated that Richard Petty has been able to complete this very complex task of restructuring Richard Petty Motorsports," said Ford's director of North American motorsports, Jamie Allison. "Everyone knows that The King is a motorsports icon and to have him part of the Ford Racing family is something we cherish.
"We're also excited about moving forward with Andy Murstein and Doug Bergeron, two men whose knowledge and understanding of what it takes to be successful will serve RPM well in the future. I am extending a personal welcome to Andy and Doug from all of us at Ford. Now, we can concentrate on the task at hand, which is getting AJ Allmendinger and Marcos Ambrose the resources they need to win races and make the Chase in 2011.”