How Much Has GMS Racing Paid to Buy a Majority Share in Richard Petty Motorsports?

Earlier, a massive bombshell dropped when Richard Petty Motorsports sold a majority stake to GMS Racing. In all honesty, this was a move that nobody saw coming. This deal will see a second charter for the Richard Petty outfit under the GMS mantle. Additionally, the team is roping in Ty Dillon on a full-time basis in the #94 car.

A statement read, “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.”

How did GMS and Richard Petty Motorsports make this possible?

Apparently, GMS Racing paid Medallion Financial around $19 million for a majority stake in the team. However, it is worth mentioning that RPM’s total value of RPM is higher, as Medallion does not own a 100% stake. Though if we’re being honest, GMS Racing’s graduation to the Cup Series was expected. This is because they announced their intentions with Ty Dillon earlier this year.

Who knows, maybe this could be beneficial for both outfits. To be precise, the Richard Petty Motorsports and GMS Racing outfits can share data and develop together. Up until now, the team only fielded one car, at the hands of Erik Jones. With Ty Dillon also joining in, he and Jones could link up well in 2022.

The GMS Racing team is a solid addition to the Cup Series, especially with their success in the Truck Series. This includes the organization winning the 2016 and 2020 Truck Series championships. In addition to that, the team also won the 2015 ARCA Menards Series championship and the 2019 and 2020 ARCA East championship. Furthermore, the outfit boasts an astonishing 41 Truck Series wins and one Xfinity Series win.

Now, the big question is, can Ty Dillon perform wonders for the team in its Cup Series debut? Richard Petty Motorsports will definitely try its hardest to help them along that path.

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