When Richard Petty suggested NASCAR to revolutionize the sport with franchise-centric concept

NASCAR legend Richard Petty proposed franchising the sport decades before the current charter system came into existence. In 1994, The King, then owner of the iconic Petty Enterprises team, suggested a franchise model similar to those implemented in the big leagues like the NFL and NBA.

Petty Enterprises was founded by Lee Petty, the patriarch of the legendary racing family. His son, Richard Petty, rewrote the history books with the team, clinching seven championships and a record-setting 200 wins. After making his final NASCAR start in 1992, he focused on his ownership role.

In June 1994, The Evening Telegram featured an article (as shared by @nascarman_rr on X) in which Richard Petty proposed a franchise system for NASCAR. Petty suggested that the stock car racing series should follow the model of the major leagues. He also suggested guaranteed entries for franchise teams, eliminating the worry of missing the show.

Back in the era when television networks negotiated directly with track owners, Petty proposed that a franchise system would enable NASCAR to negotiate a consolidated broadcast schedule. In 1994, five different networks split the season's broadcast rights.

"Racing has got to be like the NFL and NBA," the seven-time champion was quoted as saying. He added, "Fans get confused where to watch."

Petty proposed that with guaranteed starting spots for franchise teams, regular drivers would never miss a race, ensuring fans could always watch their favorite drivers compete. He concluded that such a system would make NASCAR appear more professional.

"NFL fans want to see teams like the Dallas Cowboys and race fans want to see certain drivers," he said, adding that franching "would make it much more professional".

In a column, Richard Petty outlined his vision for a franchise system in NASCAR, proposing that teams purchase a franchise number for $2 million. He argued this would create an $80 million pool for NASCAR. Petty wrote that this would allow team owners to sell their franchises for a worthy sum, instead of liquidating their assets, when exiting the sport.

NASCAR adopted the charter system in 2016, granting 36 charters. These charters guaranteed an entry into points-paying races and a share of the purse money. The system was primarily introduced to offer teams greater financial stability and establish long-term value.

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Does Richard Petty own a NASCAR charter?

Richard Petty-owned Petty Enterprises struggled to replicate the success when The King was no longer behind the wheel of the iconic #43 car. After struggling to find sponsors in 2009, the team merged with Gillett Evernham Motorsports, taking a new moniker, Richard Petty Motorsports.

Petty's team received two charters in 2016, when NASCAR implemented the charter system, based on teams that had run full-time over the past three years. The team leased the #44 entry to Go Fas Racing and later to Rick Ware Racing, while keeping its iconic #43 entry.

Petty and Johnson (Source: Imagn)

In late 2021, Maury Gallagher bought a majority stake in the team, rebranding it to Petty GMS Racing. Petty had no ownership stake in the team when the other seven-time champion, Jimmie Johnson, bought a stake in late 2022, rebranding it to Legacy Motor Club.

The King currently serves as the team ambassador, with Erik Jones driving the #43 Toyota and John Hunter Nemechek driving the #42 Toyota in 2025.