Johnson becomes majority owner of Legacy Motor Club
RACER has confirmed that Legacy Motor Club is preparing to announce a partnership with Knighthead Capital that includes Jimmie Johnson becoming the team's majority owner.
The seven-time NASCAR Cup Series champion takes the reins as Knighthead Capital Management, LLC's aquires a minority stake in the three-car operation. Maury Gallagher, who founded the team in 2022, is stepping back from its day-to-day operations and will be a team ambassador. Richard Petty also remains a team ambassador.
Knighthead Capital is a New York-based investment advisor founded in 2008. The company has a wide-ranging portfolio with its co-founder, Thomas Wagner. Among its other sports involvement are JOTA Racing in endurance racing and Birmingham City Football Club. And it is no stranger to cars through investments in HERTZ, Singer Vehicle Design, and Revology Cars.
Legacy Motor Club is expected to explore other racing platforms in its partnership with Knighthead Capital.
Legacy Motor Club fields the Nos. 42 and 43 Toyota entries for John Hunter Nemechek and Erik Jones. Johnson runs the third car, the No. 84 Toyota, on a limited basis.
Legacy Motor Club was formerly Petty GMS Motorsports when it debuted in the Cup Series in 2022, when Gallagher bought the majority stake in Richard Petty's organization. The team was renamed before the 2023 season, with Johnson joining the ownership group and Petty becoming a team ambassador.
Gallagher is an entrepreneur from Las Vegas who founded Allegiant Travel Company. After initially being involved in the ARCA Menards Series, Gallagher began fielding NASCAR entries in 2013 in the Craftsman Truck Series with his son, Spencer.
GMS Racing won the series championship in 2016 with Johnny Sauter and again in 2020 with Sheldon Creed. The program was shuttered after the 2023 season with two championships and 45 victories.
GMS Racing also competed in the Xfinity Series with numerous drivers. Gallagher earned one win as a team owner (in 116 starts) before the program was shuttered in 2019.
The Cup Series team has one win in three seasons. Jones won the Southern 500 at Darlington Raceway in 2022 while the team was still under the Petty GMS banner. Legacy Motor Club joined the Toyota team in 2024; Jones finished 28th in the championship standings, and Nemechek finished 34th.
Story originally appeared on Racer
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