STATESVILLE, N.C. — Seven-time NASCAR champion and co-owner of Legacy Motor Club, Jimmie Johnson, has now become a majority owner of the team.
Legacy M.C. announced Monday that the team has joined forces with Knighthead Capital Management, LLC as a strategic partner, effective immediately.
As part of the partnership, Knighthead will acquire a minority stake in Legacy M.C. With that, co-owner Maury Gallagher will take a step back from the day-to-day and assume an ambassador role with Legacy M.C.
“I really have to thank Maury Gallagher for giving me the opportunity within the ownership space,” Johnson said. “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, who founded GMS Racing, won five championships across the NASCAR Truck Series and ARCA Menards Series. The team won 71 races in total and won 26 pole positions with many talented drivers.
In 2021, Gallagher acquired Richard Petty Motorsports and Petty GMS Racing was formed. The team won the Southern 500 at Darlington (S.C.) Raceway with driver Erik Jones in 2022 before striking a deal with Johnson and expanding to a two-car team for the 2023 NASCAR Cup Series season.
The team continues to tout the iconic No. 43 made famous by the team’s Ambassador Richard Petty, who recently celebrated 75 years in racing.
Erik Jones pilots the No. 43 Toyota while John Hunter Nemechek wheels the team’s No. 44 entry. Johnson will contest two Cup Series races this season aboard the No. 84.
Chief Executive Officer Cal Wells III credits Johnson with his exceptional ability to network and secure strategic partnerships, a skill that has been pivotal in driving Legacy M.C.’s growth and success.
“As one of the most successful drivers in NASCAR history, Jimmie’s leadership and his partnership-minded business prowess remain central to the success of Legacy M.C.,” said Wells, III. “This partnership is an important step for this race team, and we are thrilled to welcome Knighthead to Legacy M.C.
“Each partner we add brings a unique set of strengths and insights that will help us build a long-lasting legacy in NASCAR and sports in general. Together, we can unlock new opportunities, enhance our competitiveness, and offer fans an experience unlike any other.”
Johnson feels the partnership with Knighthead will align Legacy M.C. with entities across many platforms.
“The partnership with Knighthead is a game-changer for Legacy M.C.,” said Johnson. “Their expertise in navigating complex investment opportunities and success in sports will provide Legacy M.C. 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.”
