Highlights of the article:
- Richard Petty and his partner Andrew Murstein have agreed to sell a controlling stake in their racing team
- GMS Racing has already announced its NASCAR Cup Series debut in 2022
- GMS Racing owner Maury Gallagher adds iconic Chevy No. 43 and two RPM charters
Recognizing that owning the most successful driver’s title in series history won’t get his team back to the NASCAR Cup Series playoffs, Richard Petty is doing what’s best for RPM and the sport. A look at the field of the playoffs of the season that just ended confirms this.
The king is not dead, but the era of one-car teams is definitely on life support.
Richard Petty could read the handwriting on the pit lane wall
Here’s everything you need to know why the owners of Richard Petty Motorsports needed to cede control of the team to Maury Gallagher, whose GMS Racing will compete in the NASCAR Cup Series in 2022: The 16 drivers who reached recent series. playoffs were part of multi-car teams.
You had to get off at No.18 Matt DiBenedetto (Wood Brothers) and No.21 Bubba Wallace (23XI Racing) to locate the top-ranked single-car teams. Erik Jones in the legendary RPM No. 43 Chevy was next in 24e.
Single-car teams don’t operate as efficiently financially as multi-car giants like Hendrick Motorsports, Joe Gibbs Racing, and Team Penske. In addition, the largest teams benefit from the sharing of performance data and innovations.
Michael Jordan and Denny Hamlin came to this conclusion at 23XI Racing after one season and added Kurt Busch to the team for 2022. Petty and his partner Andrew Murstein realized that their team, which has not won a race since ‘Aric Almirola reached the victory lane in 2014, had to make his move.
GMS Racing was already making its debut in the series with Ty Dillon at the wheel. The deal with Petty. 84, details of which will be revealed on Dec. 7, becomes a two-fer: Gallagher can handle a more efficient two-car operation, and the deal gives him the two charters he needs, according to many. reports.
GMS Racing may not be able to compete with other multi-car teams in its debut season, but it should be more competitive than it would have been going it alone. The Cup Series races will therefore become much better in 2022.
Richard Petty Motorsports ceased to be exclusively a family organization
The roots of Richard Petty Motorsports go back to the father of the legendary driver, Lee. In 1949, he founded Petty Enterprises, which became the most successful organization in NASCAR Cup Series history, holding this distinction until Hendrick Motorsports took first place in 2021.
Petty Enterprises merged with Gillett Evernham Motorsports in 2009 and renamed Richard Petty Motorsports, with Petty and Ray Evernham retaining minority stakes. Another merger merged Yates Racing into RPM, and businessman Andrew Murstein became the lead investor in 2010.
According to Bob Pockrass of Fox sports, Murstein’s Medallion Financial owns the team, incorporated as PRPP, and Petty’s involvement is through a trust that has loaned money to Medallion Financial.
So Maury Gallagher, CEO and Chairman of Allegiant Airlines, is actually taking a controlling stake in PRPP. But with the King’s family having invested more than seven decades in NASCAR and Petty having driven 200 times on the road to victory, it will be a long time before we call it anything else that Richard Petty Motorsports feels right.
In fact, the official announcement of the deal next week is expected to include a provision that continues to tie the No.43 car directly to Petty.
The deal is good news for Erik Jones
Before Wednesday’s unexpected news, Richard Petty Motorsports was running steadily at the start of the offseason and even offered reason to be optimistic about 2022.
RPM announced that it was bringing Dave elenz on board to become team leader for Erik Jones and the No.43 Chevy. Elenz just completed a successful NASCAR Xfinity season with Noah Gragson, who made the Championship 4 in Phoenix. Elenz racked up 15 wins as an Xfinity Team Leader, tying the JR Motorsports team record.
More recently, the team secured a main sponsor for much of the coming season. Focus Factor, which markets a brain health supplement, has signed up for 26 races, starting with The Busch Clash in February at the Los Angeles Coliseum.
The sponsorship deal, Focus Factor’s first NASCAR company, will include the All-Star race and two-thirds of the points races. It would be a multi-year agreement. Combined with what should be an infusion of money and resources from Maury Gallagher, Jones is set to do better next season.
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