New Race Team with Richard Petty leading Petty GMS Motorsports

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CHARLOTTE, N.C. — The GMS Racing majority purchase of Richard Petty Motorsports will be called Petty GMS Motorsports going into next season and NASCAR Hall of Famer Richard Petty will be chairman of the new two-car Cup Series team.

Petty GMS Motorsports revealed its plans for 2022 at the NASCAR Hall of Fame, less than a week after Maury Gallagher announced he’d bought out Andrew Murstein at RPM.

Murstein, as head of Medallion Financial Corp., had been the primary owner of RPM since 2011 and an SEC filing showed Gallagher paid $19.1 million for Medallion’s majority stake.

Petty, 84, had long been mostly a figurehead of his namesake team. But the seven-time Cup champion known as “The King” was introduced Tuesday as chairman of Petty GMS Motorsports and a “face of the team at the racetrack.”

“I’m very excited about this opportunity to work with Richard, arguably the greatest driver in NASCAR history, and form Petty GMS Motorsports,” Gallagher said. “Petty GMS will have a sole focus of winning. Both teams have a track record of winning and we have a strong desire to continue this legacy in a new chapter.”

Erik Jones, who just completed his first season driving for Petty, will remain in the flagship No. 43.

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