Jimmie Johnson is now the majority owner of Legacy Motor Club
STATESVILLE, N.C. — Jimmie Johnson is now the majority owner of Legacy Motor Club, the NASCAR Cup Series team announced Monday.
Legacy Motor Club confirmed Knighthead Capital Management is acquiring a minority stake in the team, making Johnson the majority owner.
The team also confirmed Maury Gallagher will transition from being a co-owner of the team to being an ambassador for the team.
“I really have to thank Maury Gallagher for giving me the opportunity within the ownership space. 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,” Johnson said.
Gallagher spent 12 years as the owner of GMS Racing in the NASCAR Xfinity and Craftsman Truck Series and the ARCA Menards Series. The team racked up five championships, 71 wins and 26 poles.
Gallagher will now transition into the same ambassador role Petty has served in.
Founded in 2008, Knighthead Capital Management is an investment firm with expertise in finance, sports, entertainment and other sectors. Their portfolio includes investments in Hertz, Jota Racing and Birmingham City Football Club.
“NASCAR’s rich history and Legacy Motor Club’s ambition and innovation make it a unique opportunity. We’re thrilled to collaborate with Jimmie and Cal [Wells III, CEO of Legacy Motor Club] to drive the team forward—both on the track and within the wider racing community,” said Tom Wagner, the co-founder and co-managing member of Knighthead Capital.
During the NBC broadcast of the Rolex 24 Hours of Daytona, Johnson hinted at possibly expanding Legacy Motor Club to other forms of motorsports.
“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,” Johnson said in a statement Monday.
The partnership with Knighthead is effective immediately.
History of Legacy Motor Club
Legacy Motor Club fields two full-time entries in the NASCAR Cup Series – No. 42 for John Hunter Nemechek and No. 43 for Erik Jones.
The No. 43 car dates back to the days of Petty Enterprises, a team that made its debut in 1949 with Lee Petty during the third-ever NASCAR Cup Series race.
Petty Enterprises earned 268 wins and 10 driver’s championships and had a hand in guiding Joe Weatherly to his 1963 championship in the NASCAR Cup Series.
Of those 268 wins, father-and-son duo Lee and Richard Petty racked up 250 win of those wins – 54 from Lee and 196 from Richard – and all 10 championships – three from Lee and seven from Richard.
Petty Enterprises stayed in business as a family-owned team until 2009 when they merged with Gillett-Evernham Motorsports to form Richard Petty Motorsports. Petty then partnered with investors in late-2010, downsizing the team to two cars in 2011.
In late-2021, the Maury Gallagher-owned GMS Racing bought a majority stake in RPM, forming Petty-GMS Racing and expanding the team to two cars. Jimmie Johnson bought into the team, forming Legacy Motor Club in 2023.
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Jonathan Fjeld View All
Jonathan Fjeld is the co-owner of the The Racing Experts, LLC. He has been with TRE since 2010.
A Twin Valley, MN, native, Fjeld became a motorsports fan at just three years old (first race was the 2002 Pennsylvania 500). He worked as a contributor and writer for TRE from 2010-18. Since then, he has stepped up and covered 24 NASCAR race weekends and taken on a larger role with TRE. He became the co-owner and managing editor in 2023 and has guided the site to massive growth in that time.
Fjeld has covered a wide array of stories and moments over the years, including Kevin Harvick's final Cup Series season, the first NASCAR national series disqualification in over 50 years, Shane van Gisbergen's stunning win in Chicago and the first Cup Series race at Road America in 66 years – as well as up-and-coming drivers' stories and stories from inside the sport, like the tech it takes for Hendrick Motorsports to remain a top-tier team.
Currently, he resides in Albuquerque, N.M., where he works for KOB 4, an NBC station. He works as a digital producer and does on-air reports. He loves spending time with friends and family, playing and listening to music, exploring new places, being outdoors, reading books and writing among other activities. You can email him at fjeldjonathan@gmail.com
Here’s hoping LMC can translate those off track changes to some Top 10-15 success this year and who knows if they will get a 3rd charter to make it three full-time cars someday as long as they are on the right path to do so both consistently (on-track) and financially.