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GMS Racing owner pays $19.1 million in deal for Richard Petty Motorsports

Richard Petty and Dale Inman join Kyle to discuss the foundation of Petty Enterprises and how Lee Petty's horrific Daytona 500 wreck in 1961 shifted the organization's focus.

In its SEC filing Thursday morning, Medallion Corp., revealed that GMS Racing owner Maury Gallagher paid $19.1 million for majority interest in Richard Petty Motorsports.

RPM and Gallagher announced Wednesday that Gallagher had purchased majority interest in the team from Medallion Corp. and that it included RPM’s two charters. One of those two charters had been leased to Rick Ware Racing this past season.

In the SEC filing, Medallion Corp, stated: “Pursuant to the Subscription Agreement, on December 1, 2021, RPAC sold 9,999 preferred units in (Richard Petty Motorsports) to Buyer in exchange for a cash capital contribution in the amount of $19,100,000, which (net of fees and other transaction costs) was paid to the Company and certain of its subsidiaries (collectively, “Medallion”) in full satisfaction of the outstanding (RPM) intercompany indebtedness. In connection therewith, Medallion transferred all its membership interests in (RPM) to Buyer.

“The transaction results in a complete divestiture of (RPM) by the Company, removes $26 million of intangible assets from the Company’s balance sheet and increases the Company’s tangible book value by over $1 per share.”

Denny Hamlin confirmed Thursday that 23XI Racing paid $13.5 million for a charter from StarCom Racing. Sports Business Journal’s Adam Stern first reported that.

Additional details are to be unveiled in a Dec. 7 media session at the NASCAR Hall of Fame.

GMS Racing will field a Cup team in 2022. Ty Dillon will be the driver. Erik Jones drives for Richard Petty Motorsports.