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Richard Petty Motorsports to sell majority interest to GMS Racing owner

Richard Petty Motorsports

MARTINSVILLE, VIRGINIA - OCTOBER 31: Erik Jones, driver of the #43 Goody’s Cool Orange Chevrolet, drives during the NASCAR Cup Series Xfinity 500 at Martinsville Speedway on October 31, 2021 in Martinsville, Virginia. (Photo by Logan Riely/Getty Images)

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Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing, RPM and Gallagher said in a joint statement Tuesday.

RPM’s two charters - one had been leased to Rick Ware Racing - are included in the agreement and “will be operated during the 2022 NASCAR Cup Series season,” according to the statement.

“This is a special moment for both organizations, as the Next Gen car allows a new chapter to be written.”

Additional details will 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 this past season.

With the price of charters increasing, this is the time time this year a team has acquired charters through purchasing all or part of another organization. Trackhouse Racing acquired both of Chip Ganassi Racing’s charters when it purchased the team. That sale was announced in June.

Richard Petty Motorsports is owned by Medallion Financial Corp.

Richard Petty Motorsports was formed when Petty Enterprises and Gillette Evernham Motorsports merged for the 2009 season.