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A very small statement was put out by the teams on social media, but with little details. FOX Sports' Bob Pockrass said that there will be "more details to be announced Tuesday", presumably on December 7th.
It is assumed that GMS Racing’s purchase was a sale by majority owner Andrew Murstien. Likely, Murstien sold his stake in the race team, and now GMS Racing and the Gallagher family has purchased it. It is not believed that Richard Petty’s ownership in the team had any changes.
What we do know, is that GMS Racing, now owns the No. 43 and the No. 51 charters. The No. 51 charter, will be used by Ty Dillon and the No. 94 in 2022.
Statement from Maury Gallagher and Richard Petty Motorsports pic.twitter.com/sm2ZNr7SaJ
— GMS Racing (@GMSRacingLLC) December 1, 2021
Team says more details to be announced Tuesday about the merger. This includes the charter that was the 51 last year so can be used by Ty Dillon in 2022. https://t.co/0dC5v2RUbs
— Bob Pockrass (@bobpockrass) December 1, 2021
Medallion Financial earnings report filed Nov 8 lists total assets (primarily two charters) at $30.969 million; total borrowings of $8.054 million, incl that $7.442M loan plus interest (2% annual) from Petty. It pays Richard Petty $700,000 annually for services provided to team.
— Bob Pockrass (@bobpockrass) December 1, 2021
We don't have all the details but expect GMS to operate RPM and the No. 43 team under that banner with the 43 charter and for GMS to field its Cup car for Ty Dillon with the formerly No. 51 charter. https://t.co/SOrCAvzhTK
— Bob Pockrass (@bobpockrass) December 1, 2021
GMS has the two Petty charters (43 and 51 from last year). https://t.co/EY3ibfk87a
— Bob Pockrass (@bobpockrass) December 1, 2021
Would think the 43 remains branded as Richard Petty Motorsports. That is part of the value. https://t.co/i2wYoKfPpJ
— Bob Pockrass (@bobpockrass) December 1, 2021
Yes and would expect that sponsorship announced last week as part of the deal. https://t.co/oQpouZJ84Q
— Bob Pockrass (@bobpockrass) December 1, 2021
RPM Majority Owner Andrew Murstein has been trying to sell his equity stake in the team for years, while GMS gets access to charters as it joins the Cup Series.
— Adam Stern (@A_S12) December 1, 2021
➖ The purchase price is not yet known, but charters have been valued at between $12-15 million a piece recently.
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