Does Richard Petty Still Own Petty Motorsports? The Truth Behind The Team’S Ownership

The Petty family has been a major force in NASCAR since 1949. Richard Petty’s father, Lee Petty, founded Petty Enterprises and it later became Richard Petty Motorsports in 2009. Maury Gallagher became the majority owner in 2021 when the team merged with GMS Racing, forming Petty GMS.

While Richard Petty’s legacy remains deeply ingrained in the team’s history, he no longer owns Petty Motorsports. Richard Petty is a part of the team, but Maury Gallagher holds the majority stake and is the driving force behind the team’s current direction.

Petty Motorsports, despite its name, doesn’t represent Richard Petty’s direct ownership. The team’s name acknowledges the family’s legacy and the significant role Richard Petty plays in the team’s image and branding. Richard Petty, with his status as a NASCAR icon and a seven-time champion, remains a powerful asset for the team, lending his name and expertise to attract sponsors, fans, and drivers. However, the actual ownership of the team is now firmly in the hands of Maury Gallagher and his company GMS Racing.

The transition in ownership reflects the evolving landscape of NASCAR. Teams are increasingly seeking out partnerships and investors to navigate the competitive and financially demanding nature of the sport. GMS Racing, with Maury Gallagher at the helm, brings financial stability and strategic expertise to the team, allowing them to focus on building a strong competitive foundation.

The change in ownership doesn’t diminish the Petty family’s legacy in NASCAR. Richard Petty, despite not holding majority ownership, remains an integral part of the team’s story. He continues to be a respected figure within the sport, offering guidance and experience to Petty GMS and ensuring the Petty name stays prominently associated with the team’s success. This arrangement allows the team to honor its past while embracing the future of NASCAR.