STATESVILLE, N.C., Jan. 27, 2025 /PRNewswire/ -- Seven-time NASCAR champion and co-owner of LEGACY MOTOR CLUB ("LEGACY MC") Jimmie Johnson announced today that LEGACY MC has joined forces with Knighthead Capital Management, LLC, on behalf of certain of its affiliates and accounts ("Knighthead") as a strategic partner. LEGACY MC, founded by entrepreneur Maury Gallagher, has entered its third full-time season with Johnson as a co-owner. Future-facing, with Knighthead's partnership, LEGACY MC is poised to expand its competitive presence, global brand recognition, partnerships, innovation, and fan engagement.
As part of this strategic partnership, Knighthead will acquire a minority stake in LEGACY MC.
After 12 years of owning and operating the impressively successful GMS Racing team which competed in the NASCAR Truck and Xfinity Series, Gallagher will take a step back from the day-to-day and assume an ambassador role with LEGACY MC. GMS Racing won five championships across the NASCAR Truck Series and ARCA Menards Series. The team won 71 races in total and won 26 pole positions with many talented drivers. In 2021, Gallagher acquired Richard Petty Motorsports, and Petty GMS Racing was formed. The team won the Southern 500 at Darlington Raceway with driver Erik Jones in 2022 before striking a deal with Johnson and expanding to a two-car team for the 2023 NASCAR Cup Series season. The team continues to tout the iconic No. 43 made famous by CLUB Ambassador Richard Petty "The King", who recently celebrated 75 years in racing.
The partnership with Knighthead positions Johnson as LEGACY MC's majority owner, solidifying his leadership and significant role in the team's future.
Johnson stated, "I really have to thank Maury Gallagher for giving me the opportunity within the ownership space. He has been an outstanding partner, mentor and friend and I'm grateful we had the opportunity to work together, I've learned so much from him. As his professional career takes a different path, he can worry less about the daily team owner things and focus more on family and enjoying life."
Chief Executive Officer Cal Wells III credits Johnson with his exceptional ability to network and secure strategic partnerships, a skill that has been pivotal in driving LEGACY MC's growth and success.
"As one of the most successful drivers in NASCAR history, Jimmie's leadership and his partnership-minded business prowess remain central to the success of LEGACY MC," said Wells, III. "This partnership is an important step for this race team, and we are thrilled to welcome Knighthead to LEGACY MC," said Wells, III. "Each partner we add brings a unique set of strengths and insights that will help us build a long-lasting legacy in NASCAR and sports in general. Together, we can unlock new opportunities, enhance our competitiveness, and offer fans an experience unlike any other."
Johnson feels the partnership with Knighthead will align LEGACY MC with entities across many platforms.
"The partnership with Knighthead is a game-changer for LEGACY MC," said Johnson. "Their expertise in navigating complex investment opportunities and success in sports will provide LEGACY MC with the resources and guidance needed to push for championships and solidify our place in NASCAR for years to come."
Johnson continued, "Having Knighthead on board will not only strengthen our racing efforts but also enhance the fan experience and expand our reach in the global motorsports ecosystem, not limited to NASCAR."
Founded in 2008, Knighthead Capital Management, LLC is an investment firm with deep expertise across a variety of sectors, including finance, sports, and entertainment. Knighthead's diverse portfolio includes investments in HERTZ, JOTA Racing, Singer Vehicle Design, Revology Cars, and Birmingham City Football Club.
Tom Wagner, Co-Founder and Co-Managing Member of Knighthead Capital, shared his excitement for the partnership: "We are thrilled to partner with Jimmie Johnson and LEGACY MC. NASCAR's rich history and LEGACY MC's ambition and innovation make it a unique opportunity. We're thrilled to collaborate with Jimmie and Cal to drive the team forward—both on the track and within the wider racing community."
The partnership with Knighthead is effective immediately as LEGACY MC prepares to kick off the 2025 NASCAR Cup Series season on Feb. 2, 2025, at Bowman Gray Stadium for The Clash, followed by the season-opener DAYTONA 500 on Feb. 16, 2025.
About Knighthead Capital Management LLC
Knighthead was co-founded in 2008 by Tom Wagner and Ara Cohen and has grown to become a diversified asset management platform with an experienced team of investment professionals, specializing in fundamental analysis, operational and financial turnarounds and risk management. Knighthead's long-term objective is to generate attractive risk-adjusted returns for its clients while emphasizing the preservation of capital. Knighthead manages assets across a variety of investment vehicles including insurance asset management, real estate lending, and closed and open-ended vehicles.
About LEGACY MOTOR CLUB
LEGACY MOTOR CLUB (LEGACY MC) is a premier auto racing organization co-founded by entrepreneur Maury Gallagher and seven-time NASCAR Cup Series champion, 2024 NASCAR Hall of Fame inductee, Jimmie Johnson. Drawing from a rich tradition of success, LEGACY MC is dedicated to pushing the boundaries of motorsport and setting new standards of excellence. The CLUB competes under the Toyota Gazoo Racing banner in the NASCAR Cup Series with the No. 43 Toyota Camry XSE piloted by Erik Jones and No. 42 Toyota Camry XSE driven by John Hunter Nemechek. Jimmie Johnson also races on a limited basis in the No. 84 Toyota Camry XSE. With NASCAR legend and Hall of Famer Richard Petty - "The King" - serving as CLUB Ambassador, LEGACY MC blends timeless racing traditions with a new forward-thinking vision. As an inclusive community for motorsport enthusiasts, LEGACY MC honors both its storied past and the promising future of its members, always striving for victory and championship glory at the pinnacle of NASCAR competition.
For Media Inquiries:
LEGACY MOTOR CLUB
Amy Walsh Stock
VP, Communications
Email: [email protected]
Knighthead Capital Management, LLC
Peter McManus
EVP, Communications
Email: [email protected]
SOURCE Knighthead Capital Management, LLC
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