Harry Scott Jr. has completed a deal to buy the Phoenix Racing NASCAR Sprint Cup team from James Finch.
Phoenix is best known for winning the April 2009 Talladega race with future champion Brad Keselowski, and for signing Kurt Busch when he was dropped by Penske at the end of '11.
Scott is a co-owner of frontrunning Nationwide and Truck Series team Turner Scott Motorsports, which fields Nelson Piquet, Justin Allgaier and Kyle Larson in the former series.
Allgaier will be part of Scott's Cup programme, driving the Phoenix Chevrolet for the first race under its new ownership at Chicagoland in September, plus two other events.
"This is a very proud day for me as I will have the opportunity to compete against the best teams in motorsports in the NASCAR Sprint Cup Series as the owner of Phoenix Racing," said Scott.
"I am going to build a championship contender with hard work, the right people and the right partners."
Phoenix owner Finch has been looking for a buyer for much of the season, although the team has still completed a full campaign so far, using a rolling roster of drivers that included AJ Allmendinger and Jacques Villeneuve.