A new era is kicking off at Legacy Motor Club. Jimmie Johnson is now the majority owner of the NASCAR Cup Series team after it struck a deal with a new partner.
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According to a press release, Knighthead Capital Management, LLC has become a strategic partner of the Cup Series team. Knighthead Capital Management has acquired a minority stake while the team's founder, Maury Gallagher, has stepped back from his ownership role to become more of an ambassador. Gallagher will remain a minority owner.
Knighthead Capital Management, LLC is an investment firm with ties to numerous companies across multiple industries. The list includes Hertz, JOTA Racing, Singer Vehicle Design, Revology Cars, and Birmingham City Football Club.
"I really have to thank Maury Gallagher for giving me the opportunity within the ownership space," Johnson said in a press release.
"He has been an outstanding partner, mentor, and friend and I'm grateful we had the opportunity to work together, I've learned so much from him. As his professional career takes a different path, he can worry less about the daily team owner things and focus more on family and enjoying life."
Gallagher founded and owned GMS Racing, which competed in the Xfinity Series, Craftsman Truck Series, and ARCA Menards Series. The championship-winning organization acquired Richard Petty Motorsports in 2021 and rebranded it as Petty GMS Motorsports.
Johnson joined forces with Gallagher ahead of the 2023 season as the team expanded to two full-time entries. Petty GMS Motorsports became Legacy Motor Club and ultimately switched from Chevrolet to Toyota as the seven-time champion took on a larger role in the building.
Gallagher was the majority owner in the early days of Petty GMS as Richard Petty took on an ambassador role. Now, he will step back while Johnson will become the majority owner and examine ways to take Legacy Motor Club to other motorsports series.
"The partnership with Knighthead is a game-changer for Legacy MC," Johnson added. "Their expertise in navigating complex investment opportunities and success in sports will provide Legacy MC with the resources and guidance needed to push for championships and solidify our place in NASCAR for years to come."
"Having Knighthead on board will not only strengthen our racing efforts but also enhance the fan experience and expand our reach in the global motorsports ecosystem, not limited to NASCAR."
