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
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
Why NASCAR's most resilient driver has landed on his feet at 23XI
In a career that has had many ups and downs, Kurt Busch has been written off many times before. But facing career uncertainty after the sale of Chip Ganassi's NASCAR team, the 2004 Cup champion has found a new berth at Denny Hamlin and Michael Jordan's 23XI organization - which underlines his enduring value
From the archive: Dale Earnhardt’s final Autosport interview
The death of Dale Earnhardt in the 2001 Daytona 500 shocked NASCAR to the core. At the Daytona 24 Hours, two weeks before his fatal accident, ‘The Intimidator’ shared his expectations of challenging for an eighth Cup title with JONATHAN INGRAM, in an article first published in the 15 February 2001 issue of Autosport magazine. Little did we know then what tragedy would unfold…
The lasting NASCAR legacy after Dale Earnhardt’s death
On February 18, 2001, seven-time NASCAR Cup champion Dale Earnhardt – the fearless ‘Intimidator’ – was in his element at Daytona International Speedway. While his own DEI team’s cars ran 1-2 towards the finish line, his famed #3 Richard Childress Racing Chevrolet Monte Carlo was playing rear gunner to block any late runs from the chasing pack. As the cars tore through Turns 3 and 4 on that fateful final lap, Earnhardt maintained the strongarm tactics that encapsulated his persona… but his actions in those moments sadly proved to be his last.
Inspired by Pitbull, the “revolution” sweeping through NASCAR
The NASCAR Cup Series is changing. Whether it be the gradual morphing out the seasoned drivers of yesterday as the next generation step up, a radical calendar shake-up featuring more road courses than ever before and the prospect of an all-new car on the horizon, stock car racing’s highest level is nearing the end of a huge facelift.
The NASCAR storylines to watch out for in 2021
This weekend's Daytona 500 kickstarts a NASCAR Cup season that promises plenty of intrigue courtesy of new owners and a refreshed calendar. Here's what you need to know ahead of the new season…