GMS Racing buys majority interest in Richard Petty Motorsports
Richard Petty Motorsports has sold a majority interest of its team to GMS Racing's Maury Gallagher.

GMS has also acquired two charters in the agreement and will run two cars during the 2022 season.
Erik Jones signed a contract extension with RPM in August and should remain in the No. 43 car with Ty Dillon being the likely candidate for the second entry. Dillon joined GMS Racing in October when they announced intensions to run a full-time Cup operation next year.
Jones has just completed his first year as a Petty driver, replacing Bubba Wallace and ending the season 24th in the standings. He finished as high as seventh in the Indianapolis Grand Prix. Dillon ran part-time this year across all three national divisions after running full-time at the Cup level in the four years prior.
“Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing," a statement read. "Two charters are included in the agreement and will be operated during the 2022 NASCAR Cup Series season. This is a special moment for both organizations, as the Next Gen car allows a new chapter to be written.”
GMS Racing has only competed in the Xfinity and Truck Series until now, winning one NXS event and enjoying tremendous success in the CWTS -- including 41 victories and two driver's championships in 2016 and 2020.
Per the SEC filing, the purchase was made for 19.1 million dollars:
“Pursuant to the Subscription Agreement, on December 1, 2021, RPAC sold 9,999 preferred units in (Richard Petty Motorsports) to Buyer in exchange for a cash capital contribution in the amount of $19,100,000, which (net of fees and other transaction costs) was paid to the Company and certain of its subsidiaries (collectively, “Medallion”) in full satisfaction of the outstanding (RPM) intercompany indebtedness. In connection therewith, Medallion transferred all its membership interests in (RPM) to Buyer.
“The transaction results in a complete divestiture of (RPM) by the Company, removes $26 million of intangible assets from the Company’s balance sheet and increases the Company’s tangible book value by over $1 per share.”
Other details regarding the purchase and 2022 plans will be revealed next Tuesday at the NASCAR Hall of Fame.
Related video

New deal aims to revitalize Nashville Fairgrounds for NASCAR
Chase Elliott named Most Popular Driver for fourth time

Latest news
“Proper send-off” for MacNeil after Rolex 24 win in GTD Pro
Jules Gounon says that winning at Daytona was an appropriate way for co-driver Cooper MacNeil to retire from racing in the IMSA WeatherTech SportsCar Championship.
HPD boss "amazed" by GTP reliability in Rolex 24 at Daytona
The boss of Honda Performance Developments has expressed his amazement at the high levels of reliability demonstrated by the all-new GTP prototypes in last weekend's Rolex 24 at Daytona.
How MSR took Acura to the first win of sportscar racing's new era
After much anticipation, the new dawn for sportscar racing got underway with a result that mirrored the pattern of the IMSA WeatherTech SportsCar Championship's previous DPi era. Here's how Acura once again took top honours in the Rolex 24 at Daytona with a 1-2 led by Meyer Shank Racing.
Why WTR Acura lacked pace to beat MSR in Rolex 24 showdown
Wayne Taylor Racing's Filipe Albuquerque admits that he knew it would be a tall order to beat the sister Acura of Meyer Shank Racing in the closing stages of last weekend's Rolex 24 at Daytona.
The ex-F1 driver taking on NASCAR with a new team
Saddled with uncompetitive Minardi machinery, Tarso Marques didn't manage to score points in his three partial seasons of Formula 1. But now the Brazilian has the chance to show what he can do in NASCAR, and explains the story of his comeback with new Cup Series entrant Team Stange
The early benefits and challenges of NASCAR's Next Gen car
NASCAR’s new stock car generation is encouraging an influx of fresh blood into its top tier. But there are concerns that parts are in short supply as the entire paddock tries to build up stocks at the same time
How Penske's rookie sensation opened NASCAR's new era in style
After holding his nerve and hip-checking his teammate on the run to the line, Austin Cindric made a perfect start to life as a full-timer in the NASCAR Cup Series by winning the Daytona 500. Here's how the Penske Ford man emerged first across the line in the first points-scoring race for the much-anticipated Next Generation cars
Six key themes to follow in the 2022 NASCAR Cup season
There are plenty of uncertainties ahead of the 2022 NASCAR Cup season as an all-new fleet of cars take to the track for the first time. Ahead of this weekend's Daytona 500, our experts explain what you need to know
How NASCAR had to learn a harsh lesson ahead of Next Gen arrival
The NASCAR Cup kicks off with the Daytona 500 this weekend, but a major engine overhaul and a subsequent mountain of work has been required to be ready for the arrival of the Next Gen cars.
How Larson took the long way round to NASCAR Cup glory
From villain to hero, Kyle Larson had to reach his lifelong goal the hard way and go through a very public shaming after a ban for using a racial slur, but his talents shone long before his name grabbed the headlines...
How NASCAR is gearing up for its "biggest change" in 2022
It’s not just Formula 1 that’s set for upheaval in 2022, as the NASCAR Cup series adopts its Next Gen cars that will cast any in-built advantages aside and require teams to adopt a totally new way of operating. Far more than just a change of machinery, the new cars amount to a shift in NASCAR's core philosophy
Why Bubba Wallace’s Talladega win is such a big moment for NASCAR
Bubba Wallace claimed his maiden NASCAR Cup Series at Talladega on Monday to become the first Black victor in the category since Wendell Scott in 1963. Both Wallace and Scott had faced obstacles and racism in their paths to their breakthrough wins, and NASCAR is trying to put it right with its range of diversity programmes
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.