Does Richard Petty still own a NASCAR team? All you need to know

Veteran NASCAR champion Richard Petty is currently serving the role of a brand ambassador for Legacy Motor Club (formerly Petty Enterprises). Despite managing one of the most successful teams in Cup Series history, the 200-time race winner sold his only team in 2021 and doesn't own a NASCAR team as of now.

Petty, a second-generation stock car racer, followed in his father's footsteps to begin his NASCAR career in 1958. The North Carolina-based racer took part in the inaugural Daytona 500 race in 1959, which his father Lee Petty won. In a career spanning over three decades, Petty went on to win seven Winston Cup Series titles (Cup Series now). He retired as a full-time racer in 1992.

Apart from being a racer, Petty was also a part of the family-owned NASCAR racing team. Founded in 1949 as Lee Petty Engineering, the team was later renamed Petty Enterprises. Apart from Lee, Richard and Kyle Petty (Richard's son), the team later got Boston Ventures on board as a co-owner.

Until 2021, Petty Enterprises was the winningest team in the NASCAR Cup Series with a total of 268 victories and 10 Drivers' championships under its belt. Despite being successful on the racetrack, rumors of the team ceasing operations began circulating in the NASCAR community in 2008.

As a result, the team merged with Evernham Motorsports in 2009 after witnessing a downfall. In 2021, Petty eventually sold the majority stake to Maurice 'Maury' Gallagher. The team later brought NASCAR legend Jimmie Johnson on board before renaming it to Legacy Motor Club.

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"His way of running things and my way of running things are probably a little bit different" - When Richard Petty disagreed with Jimmie Johnson's way of running Legacy Motor Club

Richard Petty, a former co-owner of Legacy Motor Club, expressed his displeasure with the direction the team was heading in with the arrival of Jimmie Johnson. He spoke about the same during a press interaction during the 2023 Daytona 500 race weekend.

"It's been strange to me. Most of the time, I ran the majority of the show. Jimmie brought all his people in. His way of running things and my way of running things are probably a little bit different. We probably agree on about 50 percent of what it really comes down to," Petty said.

"When Jimmie came in, it was going to be hard to be Johnson Petty GMS. Jimmie's thinking further ahead with his crew and came up with a new name... They don't take over the racing part; they take over the front office. With sponsorships, appearances and all that stuff, Jimmie's crowd is kind of controlling that. That's something I never had to put up with, I guess," he added.

As of now, Petty serves as chairman and brand ambassador for the team, while Johnson, as a majority owner, looks after the business end of Legacy Motor Club.