Jimmie Johnson becomes the majority owner of Legacy MC sidelining $400 million worth Maury Gallagher

Seven times Cupp Series champion Jimmie Johnson has become the majority owner of his team Legacy Motor Club.

Jimmie Johnson becomes the majority owner of Legacy MC sidelining $400 million worth Maury Gallagher

Richard Petty, Jimmie Johnson and Maury Gallagher (Via IMAGO)

The 2023 season marked the return of seven times Cup champion Jimmie Johnson to the sport, after two-year stint in the IndyCar. His comeback was iconic, as he joined Petty GMS Racing, which was co-owned by Maury Gallagher and Johnson’s fellow seven-time Cup title winner Richard Petty, as an owner driver.

Since Jimmie Johnson joined the team, they went through some major changes. The first major change was the rebranding of the team to Legacy Motor Club, which was followed by a move to Toyota Racing Development in 2023. They have also made some major restructuring within the organization, by signing new executives.

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Now he has been involved in another major change within the team, as he replaced Maury Gallagher as the majority owner of LMC. He roped in investment from Knighthead Capital Management and took over the role. Gallagher meanwhile will serve in an ambassador role, just like Richard Petty, who has been playing the same rule since Johnson’s entry.

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Legacy Motor Club says @JimmieJohnson is now majority owner as Maury Gallagher shifts to an “ambassador role.” Johnson has brought on investors Knighthead Capital Management as co-owners.

Jeff Gluck reported via X.
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Jimmie Johnson recently revealed LMC’s expansion plans

During his appearance in the 24 Hours of Daytona as one of the broadcasters, Jimmie Johnson shared the teams’ plan to expand to IMSA, inspired by Trackhouse Racing boss Justin Marks. He revealed that the team is looking for opportunities and is keeping an open eye.

Jimmie Johnson and Richard Petty
Jimmie Johnson and Richard Petty (Via @LEGACYMotorClub/X)

Definitely possibilities. I have so much respect for Justin’s vision and execution. It’s the way he got on and built Trackhouse, that’s certainly a model that I am inspired by. If time goes on and opportunities present themselves, Legacy Motor Club will have an open eye, certainly hope to expand.

Jimmie Johnson said.

The comment from Johnson shows the, he got new investors to the team with the hopes of not only making them championship contenders in the Cup series but also expand to other motorsports series. It would be interesting to see how the veteran’s leadership is going to change the sport.

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