Jimmie Johnson would never have believed he would be a team owner in the NASCAR Cup Series one day, back when he was raking up championships for fun. Running a race organization was never on his bucket list despite fellow contenders like Tony Stewart showing a strong interest in it. And yet, that’s where he has landed up with Legacy Motor Club.
Advertisement
The icon was a part of the opening session of the fifth annual Race Industry Week when he discussed how he came to change his mind about team ownership. He reasoned his initial dislike for the prospect, “I watched and knew that it was a different game and a lot of pressure and stress that went with it. But it just was tough to look at it as a viable business.”
NASCAR introduced the charter system in 2016 and completely altered the way team ownership worked. The purpose of the new model was to incentivize owners who were investing in the sport for the long haul. This revolutionary upgrade is what changed Johnson’s view.
He continued, “The changes that have been made in the last 11 years with the charter system in NASCAR have really changed my point of view.”
“I would say in the last three years, maybe even five, if you look back far enough at some of the early signs. The interests in sports, the interests in a franchise, NASCAR is one of the few that’s left. We’re watching the values grow and that’s obviously a telling sign.”
A single charter is sold for somewhere between $25 million to $30 million today, a massive increase from when they were handed out to team for free back in 2016.
Johnson isn’t finding it easy to run Legacy Motor Club
Johnson’s goal in 2022 when he bought into Petty GMS Motorsports (Now Legacy Motor Club) was to convert it into a powerhouse. He has made some strong moves like changing manufacturers and hiring new chief staff in these past three years. Despite the giant strides that he has been making towards his goal, he has come to realize that team ownership is not an easy job.
He told IndyStar in an interview earlier this year, “I didn’t think it would be this tough. It’s a tough sport, and we have a great vision and have made a massive commitment to that long-term vision, so we’re on the journey.”
He’d also mentioned before the start of the season that the job was heavier on his shoulders and that he felt like he was representing people on a deeper level now.
Legacy Motor Club currently fields two entries, one each for Erik Jones and John Hunter Nemechek. Several key changes in personnel are continuing to be made in the team’s race shop. The optimistic hope is that the rewards for the work will be reaped soon.
