MOORESVILLE, N.C. – GMS Racing owner Maury Gallagher has purchased a majority stake in Richard Petty Motorsports.
The two organizations jointly announced the agreement in a statement released late Wednesday afternoon.
“Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing,” the statement read. “Two charters are included in the agreement and will be operated during the 2022 NASCAR Cup Series season. This is a special moment for both organizations, as the Next Gen car allows a new chapter to be written.”
The agreement comes after GMS Racing officials announced in October that the team would enter the NASCAR Cup Series for the first time next season with Ty Dillon as driver of the No. 94 Chevrolet. The addition of a NASCAR Cup Series program comes as NASCAR prepares to introduce the Next Gen race car next season.
GMS Racing has been seeking to acquire a charter for its NASCAR Cup Series program, but had been unable to do so until now. The deal with Richard Petty Motorsports includes two charters, one for the No. 43 Chevrolet driven by Erik Jones, as well as a second charter that had previously been leased to Rick Ware Racing.
Richard Petty Motorsports is a joint venture that is co-owned by seven-time NASCAR Cup Series champion Richard Petty and businessman Andrew M. Murstein, the founder and president of Medallion Financial Corp.
Additional details regarding the acquisition will be announced on Tuesday, Dec. 7.