NASCAR charter sold for $40M to Spire Motorsports; New record

A new record has been set for the NASCAR franchise system

Live Fast Motorsports was born in 2020. The team fields the No. 78 car full-time in the NASCAR Cup Series.

The team has had four different drivers in the No. 78 this season: BJ McLeod; Josh Bilicki; Anthony Alfredo; Sheldon Creed.

The team is owned by BJ. McLeod, Matt Tifft and Joe Falk. The North Carolina based team owns just a single charter.

Charters are NASCAR’s version of a franchise. There are 36 charters owned by teams in the sport. A charter guarantees a starting position in every points paying race.

There’s also change looming for charter owners. NASCAR is soon to strike a new TV agreement deal. As the same time, teams are calling for a larger portion of the tv revenue pie. Currently, teams only get 25% of all tv revenue. But, that’s likely to increase with a new tv agreement for 2025.

The last charter to sell was for a price of $13.5 million, acquired by 23XI Racing in 2021.

Spire Motorsports purchases charter from Live Fast Motorsports

Live Fast Motorsports just sold their charter to Spire Motorsports for a record and rumored $40 million.

Spire Motorsports was born in 2018. They field the No. 7 and No. 77 in the NASCAR Cup Series. Corey LaJoie, Carson Hocevar and Ty Gibbs have driven machines for the team in 2023.

The team is now in possession of three charters.

Trackhouse Racing and Spire Motorsports have formed an alliance. Zane Smith will drive for Spire in 2024.

Spire Motorsports is owned by Jeff Dickerson and TJ Puchyr.

Brad Keselowski says NASCAR charters aren’t for sale

Live Fast Motorsports Statement

On Saturday, Live Fast Motorsports confirmed the sale of their charter.

“Live Fast Motorsports is confirming they have sold their charter to Spire Motorsports,” the team opened.

“We will address the media in the coming time for further statements.”

“We thank all of our partners fans and LFM employees for their following and dedication and we plan to continue in a part time schedule in 2024 with an open car.”

Ty Dillon - Daytona 500 - Daytona International Speedway - NASCAR Cup Series
DAYTONA BEACH, FLORIDA – FEBRUARY 15: Ty Dillon, driver of the #77 Ferris Chevrolet, poses on the track during qualifying for the Busch Light Pole at Daytona International Speedway on February 15, 2023 in Daytona Beach, Florida. (Photo by Jared C. Tilton/Getty Images)
NASCAR Charters

Team | # of Charters | Car No.

Stewart-Haas Racing (4)

Hendrick Motorsports (4)

Joe Gibbs Racing (4)

Team Penske (3)

Spire Motorsports (3)

Trackhouse Racing (2)

Richard Childress Racing (2)

Kaulig Racing (2)

Legacy Motor Club (2)

23XI Racing (2)

RFK Racing (2)

Front Row Motorsports (2)

Rick Ware Racing (2)

Wood Brothers Racing (1)

JTG Daugherty Motorsports (1)

Denny Hamlin comments on the cost of the NASCAR charter for 23XI Racing


Spire Motorsports | Live Fast Motorsports | NASCAR