CHARLOTTE, N.C. — Seven-time NASCAR champion Jimmie Johnson has officially taken on the role of majority owner at Legacy Motor Club, following a significant restructuring that involves Knighthead Capital Management becoming a major stakeholder in the Cup Series team.
Knighthead, which manages assets totaling $9 billion, is known for its diverse portfolio that includes investments in companies like Hertz, the World Endurance Championship team JOTA Racing, Singer Vehicle Design, Revology Cars, and a controlling interest in the English football club Birmingham.
Johnson shared that the deal, revealed on Monday, grants Knighthead a “significant minority partner” status, as the investment firm acquired a considerable portion of the stake previously held by co-owner Maury Gallagher. While Gallagher retains some shares in the NASCAR team, he will step back from daily operations and will serve as an ambassador for Legacy alongside Hall of Famer Richard Petty.
Having resided in England for over a year, Johnson plans to return to Charlotte to take a more active role in the operations of Legacy Motor Club. His family, including his wife and two daughters, will join him at the end of the school year.
Johnson mentioned that he anticipated a longer timeline to fully grasp the intricacies of ownership, originally projecting about three additional years since his entry into the NASCAR team prior to the 2023 season. Legacy, which emerged from the foundations of the legendary Petty Enterprises, one of NASCAR’s oldest and most successful teams, has undergone a transformation under Gallagher’s leadership as he rebranded GMS Racing, which he acquired in 2021.
The team was rebranded as Legacy at the close of 2022 and expanded operations to include two Cup cars before the 2023 season commenced. Although Johnson initially expected a gradual journey to team ownership, the dynamics shifted with his relationship with Knighthead and Gallagher’s decision to withdraw from active involvement.
“I’ve kept an open eye on the private equity landscape, working to learn about available opportunities,” Johnson explained. “I’ve established some early connections, but when the chance to partner with Knighthead arose, things progressed rapidly.”
The new partnership will begin immediately, coinciding with the upcoming NASCAR season and the preseason event at Bowman Gray Stadium in Winston-Salem. Tom Wagner, co-founder and managing member of Knighthead Capital, expressed excitement about the unique opportunities presented by NASCAR’s storied history and the ambitious outlook of Legacy MC.
“We’re eager to collaborate and drive the team forward, both on the racetrack and within the broader racing community,” Wagner stated.
Though Tom Brady has stakes in Knighthead, Johnson clarified that the current deal does not involve the NFL superstar. However, they have discussed the potential of collaborating on an entry for the Indianapolis 500, with Chip Ganassi Racing’s driver Sebastian Bourdais. Ganassi noted there has only been an initial discussion regarding this idea.
For the current racing season, Legacy plans to field two full-time cars: the No. 43 Toyota driven by Erik Jones and the No. 42 Toyota guided by John Hunter Nemechek. Johnson aims to qualify for the upcoming Daytona 500 and the Coca-Cola 600 scheduled for May.
As he approaches his 50th birthday in September, Johnson reflected on his limited racing involvement last year, stating that it became clear at the season finale in Phoenix that his responsibilities as an executive were more critical for Legacy’s success than continuing as a driver.
He expressed gratitude to Gallagher for the chance to become a NASCAR team owner and is enthusiastic about enhancing the on-track performance of Legacy while working with Knighthead to elevate the Legacy brand further. “Maury has been an exceptional partner, mentor, and friend, and I appreciate the time we shared together,” Johnson remarked. “As he embarks on a new phase in his life, he can spend more time with family and enjoy new experiences.”
