Jimmie Johnson is now the majority owner of Legacy Motor Club after the organization added a minority stakeholder.
Legacy Motor Club announced Monday that Knighthead Capital Management has acquired a minority stake in the NASCAR team.
Legacy Motor Club also announced that Maury Gallagher is taking a step back from his day-to-day duties to assume an ambassador role with the organization.
Gallagher and Johnson partnered to form Legacy Motor Club ahead of the 2023 season.
“I really have to thank Maury Gallagher for giving me the opportunity within the ownership space,” Johnson said in a statement from the team. “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.”
On the partnership with Knighthead Capital Management, Johnson said: “The partnership with Knighthead is a game-changer for Legacy MC. 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.
“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.”
Knighthead Capital Management, founded in 2008, is an investment firm whose portfolio includes investments in Hertz, JOTA Racing, Singer Vehicle Design, Revology Cars, and Birmingham City Football Club.
