In a significant development for the NASCAR world, seven-time champion Jimmie Johnson has become the majority owner of Legacy Motor Club. The announcement comes as part of a restructuring deal in which investment firm Knighthead Capital Management acquired a substantial stake in the Cup Series team.
Knighthead Capital Buys Into Legacy Motor Club
Knighthead Capital Management, a private equity firm that oversees $9 billion in assets, purchased much of the ownership share previously held by Legacy co-owner Maury Gallagher. Knighthead’s diverse portfolio includes investments in Hertz, JOTA Racing, Singer Vehicle Design, Revology Cars, and a controlling interest in English soccer club Birmingham City F.C.
While Gallagher will retain some shares, he is stepping back from day-to-day operations. He will transition into an ambassador role alongside NASCAR Hall of Famer Richard Petty. This move paves the way for Johnson to take a larger leadership position within the organization.
Johnson’s Return to NASCAR in New Capacity
After living in England for over a year, Jimmie Johnson plans to return to Charlotte to be more hands-on with Legacy Motor Club. His wife and two daughters will join him at the end of the school year. Johnson admitted that the timeline for assuming majority ownership accelerated faster than he anticipated.
“I thought I was going to have three more years to understand ownership more,” Johnson told the Associated Press.
However, Johnson’s budding relationship with Knighthead Capital and Gallagher’s decision to step back created an opportunity to expedite the process. The partnership officially begins this weekend as the 2025 NASCAR season kicks off with a preseason event at Bowman Gray Stadium in Winston-Salem.
Legacy Motor Club’s Rich History and Future
Legacy Motor Club traces its roots back to the legendary Petty Enterprises, one of NASCAR’s oldest and most successful teams. In 2021, Maury Gallagher’s GMS Racing acquired Richard Petty Motorsports, rebranding it as Petty GMS Racing. Johnson came aboard in late 2022, and the team was renamed Legacy Motor Club as it expanded to a two-car operation for the 2023 season.
This year, Legacy fields the No. 42 Toyota for John Hunter Nemechek and the No. 43 Toyota for Erik Jones. Johnson himself will attempt to qualify for select marquee events like the Daytona 500 and Coca-Cola 600. However, after competing in nine races last season, the 49-year-old realized that Legacy needed him more in an executive capacity than behind the wheel.
“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.”
Knighthead Sees Opportunity in NASCAR and Legacy
For Knighthead Capital, investing in Legacy Motor Club and aligning with Jimmie Johnson presented a unique opportunity in NASCAR. Co-founder and co-managing member Tom Wagner expressed enthusiasm about the partnership.
“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,” Wagner stated.
Johnson clarified that while NFL star Tom Brady has stakes in Knighthead, this deal does not directly involve him at this juncture. However, the two sports icons have discussed potentially partnering on an Indianapolis 500 entry for driver Sebastian Bourdais with Chip Ganassi Racing, though talks remain preliminary.
A New Era for Jimmie Johnson and Legacy Motor Club
As Jimmie Johnson takes the reins as majority owner of Legacy Motor Club, he aims to elevate the team’s performance on the track while collaborating with Knighthead Capital to expand the organization’s reach and impact. Johnson’s transition from driver to owner marks the beginning of an exciting new chapter in his illustrious racing career.
Legacy Motor Club, with its deep-rooted history and renewed ambition, is poised to write the next pages of its story under Johnson’s leadership. As the 2025 NASCAR season unfolds, all eyes will be on this dynamic partnership to see how it shakes up the competitive landscape and builds upon the team’s proud heritage.
From the track to the boardroom, Jimmie Johnson’s legacy in NASCAR continues to evolve. With Knighthead Capital’s support and a reinvigorated Legacy Motor Club, the future looks bright for this new powerhouse combination in the world of motorsports.
