Seven-time NASCAR champion Jimmie Johnson has become the majority owner of Legacy Motor Club after a restructuring deal with investment firm Knighthead Capital Management. Johnson will return to Charlotte to be actively involved in the team's operations, while Maury Gallagher will transition to an ambassadorial role.
Jimmie Johnson , the seven-time NASCAR champion, has become the majority owner of Legacy Motor Club following a restructuring deal with investment firm Knighthead Capital Management . This move sees Knighthead, known for managing $9 billion in assets across various sectors like Hertz, World Endurance Championship racing, and even Birmingham football club, acquire a significant stake in Legacy.
Johnson, who has been based in England, will return to Charlotte to be actively involved in the team's operations. His wife and daughters will join him at the end of the school year. Initially, Johnson aimed to gradually learn the ropes of team ownership over a five-year period after joining Legacy in late 2022. However, his burgeoning relationship with Knighthead and Maury Gallagher's decision to step back from day-to-day operations accelerated the timeline. Gallagher, the chairman of Allegiant Air, will now transition to a more ambassadorial role alongside Hall-of-Famer Richard Petty, while retaining some shares in the team.Legacy Motor Club itself is the product of a rebuild from Petty Enterprises, one of NASCAR's most historic and successful racing teams. The team's history is marked by various ownership changes and rebranding efforts. Johnson's partnership with Knighthead marks a new chapter for Legacy as they aim to compete at the highest level of NASCAR. The partnership kicks off immediately, with Knighthead actively involved in Legacy's operations as the NASCAR season begins this weekend. Tom Wagner, co-founder and co-managing member of Knighthead, expressed excitement about NASCAR's rich history and Legacy's ambition, highlighting their desire to contribute to both on-track and off-track success. While Tom Brady's involvement with Knighthead is known, Johnson clarified that it doesn't currently extend to Legacy. However, they have discussed potential collaboration on an Indianapolis 500 entry with Chip Ganassi Racing
NASCAR Jimmie Johnson Legacy Motor Club Knighthead Capital Management Maury Gallagher Richard Petty Team Ownership Motorsports
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