Jimmie Johnson has made a surprising move by increasing his ownership stake to become the majority owner of Legacy Motor Club.
This development speeds up a five-year plan, now placing him at the forefront of the team. Known as a legendary figure in NASCAR, Johnson has already left a remarkable legacy as a seven-time Cup Series champion. His move is a new chapter both for him and the organization.
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The story of Legacy Motor Club was formed in 2023 when Johnson teamed up with Maury Gallagher and Richard Petty as co-owners. The team evolved from Petty GMS Motorsports, which has its origins in Petty Enterprises, one of NASCAR’s oldest and most successful teams. While Johnson now takes the lead, Richard Petty remains involved as an ambassador.
Johnson spent time in England where he formed connections with influential figures in the sports sector. Among them were the representatives from Knighthead Capital, an investment firm managing $9 billion in assets, with interests in motorsports and other industries. Knighthead has become a partner in Legacy Motor Club, ready to fuel its growth.
“Ultimately, Maury (Gallagher) and I, we had a plan for kind of a five-year evolution where at the end of the five years I would become a majority owner,” Johnson shared with The Express US Sports.
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The team’s performance in 2024 faced challenges during their first full season backed by Toyota. However, with Johnson taking charge and Knighthead’s involvement, there is optimism for improvement.
Maury Gallagher, who was a co-owner along with overseeing Allegiant Air, has chosen to scale back his role. Family commitments and his various business ventures played a part in this decision.
“Life changes, and everything that Maury is so occupied with and busy with from the Allegiant side and other businesses he has and runs, plus just family time and trying to be around for his family,” Johnson admitted. The announcement of Johnson’s new role came ahead of The Clash at Bowman Gray, marking the start of the 2025 NASCAR season that included appearances by drivers John Hunter Nemechek and Erik Jones.
Johnson is excited about Legacy Motor Club’s future.
“Ironically, my time in London has allowed me to be around some extremely interesting and sports-focused individuals including the Knighthead folks. That was where I was really able to get to know them,” he commented. “As we started this process to find the right strategic partner, the alignment with Knighthead has just been incredible.
“I think there’s some short-term opportunities that will stand out quickly, then I believe over the years to come they’ll continue to grow the Legacy Motor Club brand.”
Looking to the future, plans are underway for Legacy Motor Club to compete in 2025’s major races, with Johnson participating in the Daytona 500 and Coca-Cola 600.
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The post Jimmie Johnson Accelerates Team Ownership Takeover in Surprise Move appeared first on Newsweek.
