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.
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