$160M-worth Jimmie Johnson claims majority stake in Legacy Motor Club as team announces new partnership

Seven-time NASCAR Cup Series champion Jimmie Johnson has taken a majority stake in Legacy Motor Club (LMC), marking a significant shift in his involvement with the organization as a co-owner. The majority of ownership of the LMC is now in Johnson’s hands, and this came after the organization has brought on Knighthead Capital Management, LLC, as a minority investor.

That marks a shift in the LMC’s ownership structure, as Maury Gallagher, the team’s founder and former majority owner, is stepping down from his active role in the team’s daily operations. However, Gallagher retained some shares and will have an ambassador role with the Cup Series team joining Hall of Famer Richard Petty.

Jimmie Johnson is thankful to Gallagher for providing him the opportunity to become a majority owner in Legacy Motor Club.

Expressing his gratitude to his business partner and friend, here’s what Johnson, who has a net worth of $160 million (according to Celebrity Net Worth) said in a team release:

“I really have to thank Maury Gallagher for giving me the opportunity within the ownership space. 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.”

Knighthead Capital Management, LLC is an investment management firm specializing in credit and distressed investment opportunities across different sectors, including finance, sports, and entertainment. Founded in 2008 by Tom Wagner and Ara Cohen, their diverse portfolio includes investments in HERTZ, JOTA Racing, Singer Vehicle Design, Revology Cars and Birmingham City Football Club.

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“The partnership with Knighthead is a game-changer for LEGACY MC” – Jimmie Johnson

The strategic partnership with Knighthead Capital Management is effective immediately as the NASCAR legend Jimmie Johnson-led Cup team prepares to begin the 2025 NASCAR Cup Series season with an exhibition event at Bowman Gray Stadium on Feb. 2, 2025, before the kick-off of the season with the Daytona 500.

In a team release, Jimmie Johnson shed light on the transformative impact of LMC’s new partnership with Knighthead, believing it will bring out the full potential of the team in the 2025 season.

“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.” the former NASCAR champion said.

LMC field three Toyota Camry entries in NASCAR’s top-tier series: the #42 full-time for John Hunter Nemechek, the #43 full-time for Erik Jones, and the #84 part-time for team co-owner Johnson.