Legacy Motor Club Restructures with Jimmie Johnson as New Majority Owner

What’s Happening?

Legacy Motor Club has had yet another shakeup in ownership. Co-owner and seven-time NASCAR Cup Series Champion Jimmie Johnson will become the majority owner, and investment firm Knighthead Capital Management will join the ownership group.

• As part of this deal, former co-owner Maury Gallagher, who purchased what was Richard Petty Motorsports prior to 2022, sold most of his stake to Knighthead. Gallagher will now work as an ambassador to LMC, much like Richard Petty.
• Knighthead is a well-known investor in Birmingham City Football Club. With this investment, the group also has ties to seven-time Super Bowl champion Tom Brady; however, according to Jenna Fryer of AP Sports, Brady has no involvement in the LMC deal.
• Johnson came on in 2023 as the team rebranded from Petty GMS Racing to LMC. Alongside this, the team, which fields Erik Jones and John Hunter Nemechek full-time, switched to Toyota from Chevrolet last season.
• Last year was a disappointing season for the team, with poor performance and an injury to their veteran talent, Jones. Following these growing pains, most fans hope the team will find its footing at the Cup Series level.
• LMC is ever-evolving. Once known as Richard Petty Motorsports, the team came into existence in 2009 and 2010 after a merger between Petty Enterprises, Robert Yates Racing, and Evernham Motorsports. Since then, the team has floated around the mid-tier of NASCAR Cup Series competition.

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