In a major restructuring move, seven-time NASCAR champion Jimmie Johnson has become the majority owner of Legacy Motor Club, following an investment by Knighthead Capital Management into the Cup Series team. The private equity firm, which manages $9 billion in assets and has a diverse portfolio that includes investments in various automotive and sports ventures, has acquired a significant portion of the ownership stake previously held by Legacy co-owner Maury Gallagher.
According to Johnson, who spoke to The Associated Press, the deal positions Knighthead as “a significant minority partner” in the NASCAR team. Gallagher will retain some shares in Legacy but will step back from day-to-day operations, joining Hall of Famer Richard Petty as an ambassador for the team.
“I thought I was going to have three more years to understand ownership more,” Johnson told the AP, referring to his original plan when he first bought into the NASCAR team before the 2023 season. However, the timeline has accelerated due to Johnson’s developing relationship with Knighthead and Gallagher’s decision to reduce his involvement.
Legacy Motor Club is essentially a rebuilt version of Petty Enterprises, one of NASCAR’s most historic and successful race teams. The team has undergone several rebrands in recent years, starting with Gallagher’s acquisition of Richard Petty Motorsports in 2021, which led to the formation of Petty GMS Racing. Johnson joined the team at the end of 2022, prompting another rebrand to Legacy as the team expanded to two full-time Cup cars for the 2023 season.
Tom Wagner, co-founder and co-managing member of Knighthead Capital, expressed enthusiasm for the partnership, stating, “NASCAR’s rich history and Legacy MC’s ambition and innovation make it a unique opportunity. We’re thrilled to collaborate … to drive the team forward, both on the track and within the wider racing community.”
While NFL legend Tom Brady has stakes in Knighthead, Johnson clarified that the deal with Legacy does not currently involve him. However, the two have discussed the possibility of partnering on an Indianapolis 500 entry for driver Sebastian Bourdais with Chip Ganassi Racing, although Ganassi noted that only a preliminary conversation has taken place thus far.
In the upcoming season, Legacy will field two full-time cars: the No. 43 Toyota driven by Erik Jones and the No. 42 Toyota piloted by John Hunter Nemechek. Johnson himself will attempt to qualify for the Daytona 500 next month and the Coca-Cola 600 in May.
As he approaches his 50th birthday in September, Johnson acknowledged that Legacy needs him more in his executive role than as a driver, a realization he had during the season finale in Phoenix last year. He expressed gratitude to Gallagher for the opportunity to become a NASCAR team owner and is eager to help improve Legacy’s on-track performance while working with Knighthead to expand the brand.
“He has been an outstanding partner, mentor and friend, and I’m grateful we had the opportunity to work together,” Johnson said of Gallagher. “I’ve learned so much from him, and as his professional career takes a different path, he can worry less about being an owner and more about focusing on family and enjoying life.”
