UPDATE: Sports Business Journal’s Adam Stern reports that GMS Racing paid Medallion Financial $19 million for a controlling interest in Richard Petty Motorsports.
.@GMSRacingLLC is paying Medallion Financial about $19 million for the majority stake in @RPMotorsports, per source, though the total value of RPM (and its two charters) is higher because Medallion didn't own 100%.
➖ There were five bidders for the stake, with GMS winning out. pic.twitter.com/nF8Ao44Kfq
— Adam Stern (@A_S12) December 2, 2021
ORIGINAL POST 12-2-2021: Statement from Maury Gallagher and Richard Petty Motorsports:
“Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing. Two charters are included in the agreement and will be operated during the 2022 NASCAR Cup Series season. This is a special moment for both organizations, as the Next Gen car allows a new chapter to be written.”
— GMS Racing —
This deal will see the #43 continue to run full-time with a charter. The second charter included has been used by the #51 of Rick Ware Racing. Next season it will be used by the #94 of Ty Dillon.