NASCAR’s Johnson becomes majority team owner
Seven-time NASCAR champion Jimmie Johnson is now the majority owner of Legacy Motor Club under a restructuring in which investment adviser Knighthead Capital Management bought into the Cup Series team.
Knighthead manages $9 billion of assets with a portfolio that includes investments in Hertz, World Endurance Championship sports car team JOTA Racing, Singer Vehicle Design, Revology Cars and a controlling stake of English soccer team Birmingham.
Johnson told The Associated Press that the deal announced Monday makes Knighthead “a significant minority partner” in that the private equity firm bought much of the ownership stake held by Legacy co-owner Maury Gallagher.
Gallagher retained some shares in the NASCAR team but will step down from day-to-day operations and join Hall of Famer Richard Petty as an ambassador for Legacy.
Johnson, who has been living in England for more than a year, will return to Charlotte to be hands-on in his larger role with Legacy. His wife and two daughters will follow at the end of the school year.
“I thought I was going to have three more years to understand ownership more,” Johnson told the AP of his original plan when he bought into the NASCAR team ahead of the 2023 season.
Legacy is essentially the rebuild of Petty Enterprises, one of NASCAR’s oldest and winningest race teams. Gallagher, the chairman of Allegiant Air, owned GMS Racing and, in 2021, acquired Richard Petty Motorsports, rebranding it as Petty GMS Racing.
Johnson signed on at the end of 2022, and the team was again rebranded into Legacy as it expanded to two full-time Cup cars ahead of the 2023 season. The plan was to allow Johnson to grow into his role as NASCAR team owner over five seasons, but the timeline changed when he developed a relationship with Knighthead and Gallagher decided to step back.
“I’ve had an open eye to the private equity world and trying to understand what’s out there,” Johnson said. “I know that there are some other teams with PE involvement, and I just started to get to know people. I had a head start and a few friendships out there, but ultimately the opportunity and access to Knighthead and the friendship I built was done socially, and when it was time to really engage in the PE world, we just clicked and got together to see where we could go.
“We wanted to move quick. And here we are, it’s only been a couple of months, it’s been very, very quick.”
The partnership begins immediately, and Knighthead will be part of Legacy when the NASCAR season begins this weekend with the preseason race at Bowman Gray Stadium in Winston-Salem.
Tom Wagner, co-founder and co-managing member of Knighthead Capital, said the firm was drawn by “NASCAR’s rich history and Legacy MC’s ambition and innovation make it a unique opportunity.”
“We’re thrilled to collaborate … to drive the team forward, both on the track and within the wider racing community,” Wagner added.
Tom Brady has stakes in Knighthead but the deal with Legacy does not involve him at this time, Johnson said. But Johnson and Brady have discussed possibly partnering on an Indianapolis 500 entry for driver Sebastian Bourdais with Chip Ganassi Racing. Ganassi told the AP he had only one preliminary conversation with Johnson about it and there has been no further discussion.
Legacy this season will field two full-time cars: the No. 43 Toyota for Erik Jones and the No. 42 Toyota for John Hunter Nemechek. Johnson will attempt to qualify next month for the season-opening Daytona 500 and also the Coca-Cola 600 in May.
Johnson, who turns 50 in September, ran nine races last year but said he realized at the season-finale in Phoenix that Legacy needs him more in his executive role than as a driver.
He thanked Gallagher for the opportunity to become a NASCAR team owner and is eager to help Legacy improve its on-track performance while working with Knighthead to expand the brand.
“He has been an outstanding partner, mentor and friend, and I’m grateful we had the opportunity to work together,” Johnson said of Gallagher. “I’ve learned so much from him, and as his professional career takes a different path, he can worry less about being an owner and more about focusing on family and enjoying life.”
BOSTON — Red Sox manager Alex Cora will miss Monday’s series opener against the New York Mets at Fenway Park so he can attend his daughter’s college graduation.
Cora’s daughter, Camila, will be graduating from nearby Boston College.
“It’s going to be a very special day — one that I’m not going to miss,” Cora said before Sunday’s game vs. the Atlanta Braves. “I 100% will miss the game for that. I will do that any given day. It’s going to be a very special day for us.”
Cora reflected on how the time has seemed to go quickly and spoke about how fast his daughter seemed to grow up.
“It went fast, it went really fast,” Cora said of her time in college. “For a girl from divorced parents, her mom did an amazing job, staying the course while I was playing and coaching and doing my ESPN thing. … She’s actually a reflection of her. I appreciate everything she’s done for her and for us.”
Asked if he’ll be able to hold back his emotions at the ceremony, Cora smiled and said “We’ll see,” before bringing up memories of when his daughter was at the 2018 World Series victory celebration and a postseason series wrap-up win over Tampa Bay in ’21 at Fenway.
“It’s going to be an amazing day. It happened fast,” he said. “You put everything into perspective, you go back to the videos of ’18, she was a little girl.
“Then you go back to ’21 when she hopped onto the field when we beat Tampa, she was still a little girl. Now, she’s not a little girl,” he said. “She’s a woman. She had fun with it. She’s a great student and the future’s bright for her.”
MILWAUKEE — Brewers pitcher Tobias Myers is going back to the minors as he continues to struggle to match the success he enjoyed as a rookie last year.
The Brewers optioned Myers to Triple-A Nashville on Sunday while selecting right-handed pitcher Easton McGee from Triple-A and transferring left-handed pitcher Connor Thomas to the 60-day injured list.
Myers is 1-1 with a 4.95 ERA in six appearances, including five starts. He allowed four runs over 3 2/3 innings in a 7-0 loss to the Minnesota Twins on Saturday.
The right-hander had gone 9-6 with a 3.00 ERA last season and was selected the Brewers’ most valuable pitcher by the Milwaukee chapter of the Baseball Writers Association of America. He closed that season by pitching five scoreless innings in the decisive Game 3 of the NL Wild Card Series against the New York Mets, a game the Brewers lost 4-2 by allowing four runs in the ninth.
“I love the kid, man,” Brewers manager Pat Murphy said after Saturday’s game. “You saw it in Game 3, that’s in there. So we’ve got to get back to that.”
The Brewers had optioned Myers to Nashville a week ago, but he didn’t actually pitch there before rejoining the big-league club after left-hander José Quintana went on the injured list with a left shoulder issue. Now he’s heading back to Nashville.
Myers entered Saturday having walked 10 batters over 16 1/3 innings. He didn’t walk anyone Saturday, but gave up a career-high 11 hits.
“My goal was to fill the zone up and kind of get away from the walks I’ve been dealing with,” Myers said after the game. “I think I just filled it up a little too much.”
McGee went 1-0 with a 3.44 ERA and 20 strikeouts over 18 1/3 innings in 13 relief appearances with Nashville.
McGee appeared in one game for Tampa Bay in 2022 and one game for Seattle in 2023.In the only two games he has pitched in the big leagues, McGee has allowed just one unearned run over 9 2/3 innings while striking out three and allowing five hits and one walk.
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