Getty Richard Petty Motorsports has sold its two charters to GMS Racing.
Two NASCAR teams have just completed a major transaction. GMS Racing has purchased a majority stake in Richard Petty Motorsports, which includes the two Cup Series charters.
The two teams announced the move with a brief statement on Wednesday, December 1. They confirmed that a transaction has taken place and also told media members that there will be more details provided about the merger on Tuesday, December 7.
“Richard Petty Motorsports has agreed to sell a majority interest to Maury Gallagher, owner of GMS Racing,” the joint statement said. “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.”
According to Adam Stern of the Sports Business Journal, there is no known purchase price. However, he noted that charters have been valued at $12-15 million. Additionally, Stern said that RPM Majority Owner Andrew Murstein has been trying to sell his equity stake in the team for years, which provides an explanation as to how this deal came together.
The Transaction Includes a Charter Operated by Petty Ware Racing
GettyThe No. 51 charter will go to a new NASCAR team.
RPM only controlled one charter during the 2021 NASCAR Cup Series season — the one for the No. 43 Chevrolet Camaro. The other charter was part of an agreement with Rick Ware Racing and featured the No. 51 driven by Cody Ware.
There were questions about the Petty Ware charter during the later stages of the 2021 season and at the start of the offseason, especially after team owner Rick Ware said that he wanted two competitive cars. Many wondered if he would still have this charter or if a sale would take place.
GMS Racing and RPM provided the answer on Wednesday, December 1, and ended a long journey for GMS President Mike Beam. He finally acquired a charter that the team will use for Ty Dillon’s No. 94 Chevrolet Camaro that will debut during the 2022 Cup Series season.
Questions Remain About Erik Jones & the No. 43
GettyErik Jones practices at Daytona International Speedway.
With the massive transaction taking place at the start of Champions Week, there are questions about an existing Cup Series car. What will happen to Erik Jones and the No. 43 Chevrolet Camaro after this merger?
Jones announced on August 22 that he will be back in the No. 43 for the second consecutive season. He provided the update ahead of the race at Michigan International Speedway and then expressed optimism about the future.
RPM continued to make announcements at the start of the offseason, which included naming a crew chief and bringing in a new sponsor. The team revealed on November 10 that Dave Elenz would leave JR Motorsports and join Jones at RPM. Finally, the organization made two sponsor announcements to cap off November. RPM revealed that FOCUSfactor would join the No. 43 on a multi-year deal and that the U.S. Air Force would return for three races in 2022.
According to FOX Sports reporter Bob Pockrass, GMS will provide more details on December 7. However, the current expectation is that the team will operate the No. 43 under the RPM banner for the 2022 season. The merger shouldn’t affect Jones’ status with the team.
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