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RACER has confirmed that Legacy Motor Club is preparing to announce a partnership with Knighthead Capital that includes Jimmie Johnson becoming the team’s majority owner. The seven-time NASCA…
RACER has confirmed that Legacy Motor Club is set to announce a partnership with Knighthead Capital, with Jimmie Johnson becoming the team’s majority owner. Johnson takes over as Knighthead Capital acquires a minority stake in the three-car operation. Maury Gallagher, the founder of the team in 2022, will step back from day-to-day operations to serve as a team ambassador, along with Richard Petty. Knighthead Capital, a New York-based investment advisor founded in 2008, has a diverse portfolio with co-founder Thomas Wagner, including sports ventures like JOTA Racing and Birmingham City Football Club, as well as investments in car-related companies like HERTZ and Singer Vehicle Design.
Legacy Motor Club, which fields the Nos. 42 and 43 Toyota entries for John Hunter Nemechek and Erik Jones, is expected to explore other racing platforms in collaboration with Knighthead Capital. Jimmie Johnson, driving the No. 84 Toyota on a limited basis, joins the team that was previously known as Petty GMS Motorsports before being renamed before the 2023 season. Maury Gallagher, an entrepreneur from Las Vegas who founded Allegiant Travel Company, has been involved in NASCAR since 2013 when he began fielding entries in the Craftsman Truck Series with his son, Spencer.
GMS Racing, under Gallagher’s ownership, won two championships and 45 victories before being shuttered after the 2023 season. The team also competed in the Xfinity Series with limited success. Legacy Motor Club, with one win in three seasons, joined the Toyota team in 2024, with Jones finishing 28th and Nemechek 34th in the championship standings.
