Jimmie Johnson now majority owner of Legacy Motor Club

Seven-time NASCAR champion Jimmie Johnson has become the majority owner of Legacy Motor Club following a restructuring in which investment firm Knighthead Capital Management acquired a significant stake in the team. Knighthead, which manages $9 billion in assets, has investments in companies such as Hertz, JOTA Racing, Singer Vehicle Design, Revology Cars, and even a controlling interest in the English soccer club Birmingham.

Johnson told The Associated Press that the deal, announced on Monday, makes Knighthead “a significant minority partner,” with the private equity firm purchasing much of the stake previously held by Legacy co-owner Maury Gallagher. Gallagher will retain some shares but step down from daily operations, taking on an ambassador role alongside NASCAR Hall of Famer Richard Petty.

Having lived in England for over a year, Johnson will return to Charlotte to take on a more active role at Legacy, with his family joining him at the end of the school year. Reflecting on his unexpected path to a larger ownership role, Johnson admitted, “I thought I was going to have three more years to understand ownership more” before accelerating his involvement.

Legacy Motor Club is a rebrand of the storied Petty Enterprises, one of NASCAR’s oldest and most successful teams. Gallagher, chairman of Allegiant Air, acquired Richard Petty Motorsports in 2021 and rebranded it as Petty GMS Racing. Johnson joined in late 2022, and the team became Legacy for the 2023 season, expanding to two full-time Cup Series cars. The initial plan was for Johnson to grow into the role over five seasons, but his partnership with Knighthead fast-tracked the shift in leadership.

“I’ve had an open eye to the private equity world,” Johnson explained. “We wanted to move quick, and here we are, it’s only been a couple of months.”

The partnership takes effect immediately, and Knighthead will join Legacy as the NASCAR season kicks off this weekend with a preseason race at Bowman Gray Stadium in Winston-Salem. Knighthead co-founder Tom Wagner expressed excitement about the team’s potential, saying, “NASCAR’s rich history and Legacy MC’s ambition make it a unique opportunity.”

While Tom Brady has stakes in Knighthead, Johnson clarified that the deal does not involve the quarterback at this time. However, the two have discussed a possible partnership for an Indianapolis 500 entry with Chip Ganassi Racing.

Legacy will field two full-time cars this season: the No. 43 Toyota for Erik Jones and the No. 42 Toyota for John Hunter Nemechek. Johnson is also aiming to qualify for the Daytona 500 and the Coca-Cola 600 in May. After competing in nine races last year, Johnson realized during the season finale in Phoenix that Legacy needed him more in his executive capacity than as a driver.

Johnson thanked Gallagher for his mentorship, adding, “He’s been an outstanding partner and friend. I’m grateful we had the opportunity to work together.” Gallagher, now stepping away from day-to-day operations, will have more time to focus on family and enjoy life.

The partnership with Knighthead marks a new chapter for Legacy, with Johnson at the helm, eager to elevate the team both on and off the track.