Jimmie Johnson, a seven-time NASCAR Cup Series championship-winning driver, will head into the 2025 NASCAR Cup Series season as the majority owner of the LEGACY MOTOR CLUB team. According to a press release from the team, LEGACY MOTOR CLUB has partnered with Knighthead Capital Management, LLC, which has acquired a minority stake in the race team.
Maury Gallagher, the team’s founder, and former majority owner, will remain involved with the team as he assumes an ambassador role but will step back from the day-to-day ownership decisions of LEGACY MOTOR CLUB.
“I really have to thank Maury Gallagher for giving me the opportunity within the ownership space,” Johnson said. “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.”
Gallagher joins Richard Petty as a LEGACY MOTOR CLUB team ambassador. Petty was originally in the ownership group of LEGACY MOTOR CLUB, which started its life in the NASCAR Cup Series as Petty GMS Motorsports during the 2022 NASCAR Cup Series season.
Cal Wells III, the team’s Chief Executive Officer, credits Johnson’s leadership and ability to make sound business decisions to push LEGACY MOTOR CLUB further with this new partnership.
“As one of the most successful drivers in NASCAR history, Jimmie’s leadership and his partnership-minded business prowess remain central to the success of LEGACY MC,” said Wells, III. “This partnership is an important step for this race team, and we are thrilled to welcome Knighthead to LEGACY MC,” said Wells, III. “Each partner we add brings a unique set of strengths and insights that will help us build a long-lasting legacy in NASCAR and sports in general. Together, we can unlock new opportunities, enhance our competitiveness, and offer fans an experience unlike any other.”
What is Knighthead Capital Management, LLC, you ask? The company is an investment firm, which has assets in a number of sectors of the world. HERTZ, JOTA Racing, Singer Vehicle Design, Revology Cars, and Birmingham City Football Club are among the many investments in the Knighthead portfolio.
Johnson feels the new partnership could unlock the full potential of the LEGACY MOTOR CLUB team.
“The partnership with Knighthead is a game-changer for LEGACY MC,” said Johnson. “Their expertise in navigating complex investment opportunities and success in sports will provide LEGACY MC with the resources and guidance needed to push for championships and solidify our place in NASCAR for years to come.” Johnson continued, “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.”
The investment firm is elated to be partnered with a seven-time NASCAR champion like Johnson and the LEGACY MOTOR CLUB team.
“We are thrilled to partner with Jimmie Johnson and LEGACY MC. NASCAR’s rich history and LEGACY MC’s ambition and innovation make it a unique opportunity,” Tom Wagner, Co-Founder and Co-Managing Member of Knighthead Capital said. “We’re thrilled to collaborate with Jimmie and Cal to drive the team forward—both on the track and within the wider racing community.”
After a rough 2024 NASCAR Cup Series season, which saw the two full-time LEGACY MOTOR CLUB cars finish 29th and 35th overall in the NASCAR Cup Series Owner Standings, the team will look to have a bounce-back season in 2025.
In 2022, while still branded as Petty GMS Motorsports, the team scored a win in the Southern 500 at Darlington Raceway with Erik Jones behind the wheel of the No. 43 entry. Jones and the No. 43 car would go on to a 19th-place finish in the championship standings in its debut season. The team’s No. 42 entry was 31st in points in 2022.
In 2023, the No. 43 team struggled to a 27th-place finish in the owner championship standings, while the No. 42, which was shared by a multitude of drivers, was ranked 32nd in the owner point standings.
Mid-way through the 2023 season, the team announced that it would undergo a change in manufacturers to Toyota from Chevrolet for the 2024 season, which hurt its overall performance down the stretch in 2023 as Chevrolet was reluctant to share data with the exiting team.
