"We're scrambling to come up with money": When Richard Petty fought to save his NASCAR team from collapse

NASCAR legend Richard Petty was able to get back control after almost losing his racing team, Richard Petty Motorsports (RPM) about 14 years ago.

The team, which has had many name changes over 60 years, was started by Richard's father Lee Petty in 1949. It was later owned by Richard and Kyle Petty and Boston Ventures but shut down due to a lack of sponsors and merged with Gillett Evernham Motorsports in 2008.

However, when George Gillett Jr. lost money from selling Liverpool FC in 2010, the team went from four cars to two, lost top driver Kasey Kahne, and laid off over 75 workers. Richard Petty had no say in his own team.

"At the end of the season, we were scrambling to come up with money the day before the race just so we could get the cars out there and pay the help and even pay for the tires on the cars," said Petty told Forbes in 2011.

Richard Petty fought to get the support of investors Andrew Murstein and Douglas Bergeron, who later bought out Gillett for $11 million and put him back in charge. RPM got $50 million in sponsorships for the 2011 season, and the team operated for a decade before merging with GMS Racing in 2021.

It rebranded as Legacy Motor Club two years ago. Today, another seven-time NASCAR Cup champion Jimmie Johnson owns most of the team.

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"It’s been strange to me" - Richard Petty on leaving ownership of his team

Richard Petty left Richard Petty Motorsports and ended his 75-year stint in the sport in 2023. Petty sold both of his charters, and the Petty name was no longer a part of the team. After Petty retired in 1992, his team used No. 44 for a year before bringing back No. 43 in 1994.

After Jimmie Johnson joined as part owner, Petty became the ambassador for the team. In January that year, Johnson took in charge of the day-to-day operations of the team. The No. 43 stayed, and the second became the No. 42.

"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% of what it really comes down to," Petty said (via Fox Sports).

Johnson took over as the majority owner of the team from Maury Gallagher earlier this month. The 49-year-old also drives part-time in the No. 84 Toyota Camry XSE for Legacy Motor Club. The team switched from Chevy to Toyota last year.