In a significant development for NASCAR, seven-time champion Jimmie Johnson has ascended to the role of majority owner at Legacy Motor Club. This transition comes as Knighthead Capital Management, an investment firm managing $9 billion in assets, acquired a substantial minority stake in the team. Knighthead’s diverse portfolio includes interests in Hertz, JOTA Racing in the World Endurance Championship, Singer Vehicle Design, Revology Cars, and a controlling stake in English soccer team Birmingham City.
The restructuring sees Johnson taking the helm, with co-owner Maury Gallagher stepping back from daily operations to serve as an ambassador alongside NASCAR Hall of Famer Richard Petty. Johnson, who has been residing in England, plans to return to Charlotte to actively engage in the team’s management. Reflecting on this shift, Johnson remarked, “I thought I was going to have three more years to understand ownership more.”
Legacy Motor Club’s evolution traces back to Petty Enterprises, one of NASCAR’s most storied teams. In 2021, Gallagher, chairman of Allegiant Air, acquired Richard Petty Motorsports, rebranding it as Petty GMS Racing. Johnson joined the ownership group at the end of 2022, leading to the team’s rebranding as Legacy Motor Club. Initially, Johnson envisioned a gradual immersion into team ownership over five years, but the partnership with Knighthead accelerated this timeline. He noted, “I’ve had an open eye to the private equity world and trying to understand what’s out there.”
Knighthead’s co-founder, Tom Wagner, expressed enthusiasm about the collaboration, stating, “NASCAR’s rich history and Legacy MC’s ambition and innovation make it a unique opportunity.” He added, “We’re thrilled to collaborate… to drive the team forward, both on the … .”
For the upcoming season, Legacy Motor Club will field two full-time cars: the No. 43 Toyota driven by Erik Jones and the No. … piloted by John Hunter Nemechek … Johnson plans to participate in select marquee events, including attempts to qualify for the Daytona 500 and the Coca-Cola 600. Reflecting on his dual role as owner and driver, Johnson acknowledged the need to prioritize his executive responsibilities, stating that the team required his leadership more than his presence behind the wheel.
This strategic move underscores Johnson’s commitment to Legacy Motor Club’s growth and competitiveness in NASCAR. With Knighthead’s investment and Johnson’s leadership, the team is poised for a promising future in the sport.