Legacy Motor Club is one of the most talked-about teams in NASCAR right now — not just because of what is happening on the racetrack, but because of a bold vision to transform a historic motorsports organization into a true sports and entertainment empire. Behind it all is a seven-time NASCAR Cup Series champion, a $9 billion investment firm, and the most star-studded ownership group the sport has ever seen.
What Is Legacy Motor Club?
Legacy Motor Club (Legacy MC) is a premier auto racing organization competing in the NASCAR Cup Series. The team is based in Statesville, North Carolina and currently fields two full-time Cup Series cars — the No. 42 driven by John Hunter Nemechek and the No. 43 driven by Erik Jones — both running Toyota machinery.
The team also competes part-time in the IndyCar Series and participated in Extreme E in 2024. Its roots go back to one of NASCAR’s oldest and most storied racing organizations — Petty Enterprises — making it a team carrying over 70 years of motorsports heritage.
Who Owns Legacy Motor Club in 2026?
Legacy Motor Club is principally owned by Jimmie Johnson — the seven-time NASCAR Cup Series champion and 2024 NASCAR Hall of Fame inductee — who took majority ownership of the team in January 2025.
Knighthead Capital Management, LLC — a New York-based investment adviser managing approximately $9 billion in assets — is the significant minority partner, having bought a substantial portion of the ownership stake previously held by Maury Gallagher. Knighthead’s portfolio includes investments in Hertz, the World Endurance Championship sports car team JOTA Racing, Singer Vehicle Design, Revology Cars, and a controlling stake in English soccer team Birmingham City FC.
On July 30, 2026, Legacy Motor Club announced a sweeping new strategic ownership group — one of the most diverse and high-profile investor groups in all of motorsports. More on that below.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Jimmie Johnson | Principal Owner & Co-Owner | Majority stake (since January 2025) | 7-time NASCAR champion; 2024 Hall of Fame inductee |
| Knighthead Capital Management | Significant Minority Partner | Minority stake | $9B asset manager; also owns Birmingham City FC |
| Maury Gallagher | Team Ambassador | Retained minority shares | Step back from day-to-day operations in January 2025 |
| Richard Petty | Team Ambassador | Honorary/Ambassador role | NASCAR legend; original Petty Enterprises founder |
| Strategic Ownership Group | Celebrity & Athlete Investors | Collective minority stakes | Announced July 30, 2026 — see full list below |
| Cal Wells | CEO | Management role | Leads day-to-day team operations |
| Michael Guttilla | President | Management role | Handles organizational and business operations |
The History: From Petty Enterprises to Legacy Motor Club
The story of Legacy Motor Club is really the story of one of NASCAR’s oldest families and how their legendary team survived, evolved, and found new life.
Petty Enterprises was founded by Lee Petty in the 1940s and became the most successful team in NASCAR history, winning a combined 268 races across multiple generations of the Petty family. Richard Petty — “The King” — won 200 races alone during his legendary career, a record that has never been threatened.
By the 2010s, the team — then called Richard Petty Motorsports — was struggling financially. In 2021, Maury Gallagher, the chairman of Allegiant Air, acquired Richard Petty Motorsports and merged it with his own GMS Racing to form Petty GMS Motorsports. At the end of 2022, Jimmie Johnson signed on as a co-owner, and the team was rebranded as Legacy Motor Club heading into the 2023 season — expanding to two full-time Cup Series cars for the first time.
The team also made the switch from Chevrolet to Toyota machinery beginning with the 2024 season, aligning with Toyota Racing Development and joining the powerhouse Joe Gibbs Racing technical alliance.
Jimmie Johnson Takes Majority Control — January 2025
The single biggest ownership development in Legacy Motor Club’s history came in January 2025, when Jimmie Johnson was announced as the team’s majority owner.
Knighthead Capital Management bought a significant portion of Gallagher’s ownership stake, making the investment firm a minority partner while Johnson assumed full majority control. Gallagher retained some shares but stepped away from day-to-day operations, joining Richard Petty as a team ambassador.
Johnson relocated back to Charlotte, North Carolina from England — where he had been living for over a year — to take a hands-on role in leading the organization. He told the Associated Press that he originally planned to spend five years learning ownership before taking the reins, but the opportunity arrived sooner than expected and he was fully ready for it.
The July 2026 Bombshell: The Most Star-Studded Ownership Group in NASCAR
On July 30, 2026, Legacy Motor Club dropped one of the biggest announcements in recent NASCAR history — a brand-new strategic ownership group featuring championship-winning athletes, Grammy Award-winning entertainers, successful entrepreneurs, and motorsports icons.
The newly announced investors include Bryce Harper (two-time MLB MVP and World Series champion with the Philadelphia Phillies), Kelly Slater (11-time world surfing champion), Guy Fieri (Food Network star and restaurant entrepreneur), Darius Rucker (Grammy Award-winning singer and Hootie & the Blowfish frontman), and Andy Roddick (US Open champion and former world No. 1 tennis player), among other high-profile athletes, entertainers, and business leaders.
“This is not a traditional ownership group,” said Jimmie Johnson. “It is a collection of people who understand competition, leadership, innovation, storytelling, and how enduring organizations are built.” Unlike most NASCAR teams that bring in one major investor, Legacy deliberately assembled a diverse group that spans multiple industries — reflecting Johnson’s long-term vision to make Legacy Motor Club a cultural brand that extends far beyond Sunday racing.
The 2026 Season: What Is Happening Right Now
The 2026 NASCAR Cup Series season has been a busy one for Legacy Motor Club both on and off the track.
Jimmie Johnson himself attempted the 2026 Daytona 500 in the No. 84 Carvana Toyota as a part-time driver and open entry. On March 12, 2026, Johnson confirmed publicly that Legacy Motor Club will expand to three full-time Cup Series cars for the 2027 season — a major organizational milestone that signals significant growth. Dollar Tree signed a multi-year sponsorship agreement with the team in April 2026, and Dario Franchitti — the legendary three-time IndyCar champion — has been involved with the team’s NASCAR Craftsman Truck Series activities.
In the most dramatic announcement of the summer, on August 29, 2026, Jimmie Johnson unveiled his No. 48 Toyota Camry XSE — featuring Carvana, Lowe’s, and Ally branding — for his planned 2027 Daytona 500 start, which will be the final NASCAR Cup Series race of his legendary career.
Richard Petty’s Legacy: Why the Heritage Matters
Legacy Motor Club carries something no other NASCAR team can claim — the direct bloodline of Petty Enterprises, the most decorated organization in NASCAR history.
Richard Petty remains involved as a team ambassador, providing a living connection to decades of NASCAR history. His presence gives the team credibility and emotional depth that money simply cannot buy. The No. 43 — Richard Petty’s iconic race number — still runs full-time for Erik Jones, keeping that legendary digit alive on the NASCAR Cup Series grid.
Legacy Motor Club is essentially the organizational heir to Petty Enterprises — rebuilt, rebranded, and reimagined for the modern era, but carrying the same weight of history that made Petty Enterprises one of the most important teams in American motorsports.
Frequently Asked Questions (FAQs)
Q1. Who owns Legacy Motor Club in 2026?
Legacy Motor Club is majority-owned by seven-time NASCAR champion Jimmie Johnson, with Knighthead Capital Management as a significant minority partner since January 2025.
Q2. What was Legacy Motor Club called before?
The team was previously known as Petty Enterprises, then Richard Petty Motorsports, then Petty GMS Motorsports, before being rebranded as Legacy Motor Club ahead of the 2023 season.
Q3. When did Jimmie Johnson become majority owner?
Jimmie Johnson became the majority owner of Legacy Motor Club in January 2025, when Knighthead Capital Management bought a significant portion of Maury Gallagher’s ownership stake.
Q4. Who are the celebrity investors in Legacy Motor Club?
On July 30, 2026, Legacy announced investors including Bryce Harper, Kelly Slater, Guy Fieri, Darius Rucker, and Andy Roddick, among other athletes, entertainers, and business leaders.
Q5. What cars does Legacy Motor Club run in 2026?
Legacy runs the No. 42 Toyota for John Hunter Nemechek and the No. 43 Toyota for Erik Jones as full-time Cup Series entries, plus the No. 84 part-time for Jimmie Johnson.
Q6. Is Legacy Motor Club expanding in 2027?
Yes. Jimmie Johnson confirmed on March 12, 2026 that Legacy Motor Club will field a third full-time Cup Series car starting in the 2027 season.
Q7. What is Knighthead Capital Management?
Knighthead Capital Management is a New York-based investment adviser managing approximately $9 billion in assets, with investments including Hertz, JOTA Racing, and a controlling stake in Birmingham City FC.
Q8. Will Jimmie Johnson race at Daytona in 2027?
Yes. On August 29, 2026, Johnson unveiled his No. 48 Toyota for the 2027 Daytona 500 — which will be the final NASCAR Cup Series race of his legendary career.
Legacy Motor Club is principally owned by Jimmie Johnson (majority owner since January 2025) and Knighthead Capital Management (significant minority partner), with Maury Gallagher and Richard Petty serving as team ambassadors.
On July 30, 2026, the team announced a sweeping new strategic ownership group including Bryce Harper, Kelly Slater, Guy Fieri, Darius Rucker, and Andy Roddick — among the most diverse and high-profile investor groups in all of NASCAR.
The team runs two full-time Toyota entries — the No. 42 for John Hunter Nemechek and the No. 43 for Erik Jones — and is expanding to three full-time cars for 2027.
Jimmie Johnson himself will race the No. 48 at the 2027 Daytona 500 in the final Cup Series start of his legendary career. From Petty Enterprises in the 1940s to one of the most exciting ownership stories in modern NASCAR — Legacy Motor Club is just getting started.
