A new record has been set in NASCAR’s charter system.
Live Fast Motorsports, founded in 2020, fields the No. 78 car full-time in the NASCAR Cup Series. This season, four different drivers have piloted the No. 78: BJ McLeod, Josh Bilicki, Anthony Alfredo, and Sheldon Creed. The team is co-owned by BJ McLeod, Matt Tifft, and Joe Falk and operates out of North Carolina with just one charter.
In NASCAR, charters function as the sport’s version of a franchise. There are 36 charters in total, and owning one guarantees a starting spot in every points-paying race. Change is on the horizon for charter owners as NASCAR is expected to finalize a new TV deal. At the same time, teams are pushing for a larger share of the TV revenue, which currently sits at 25%. This share is expected to increase with the new agreement, set for 2025.
The most recent charter sale occurred in 2021 when 23XI Racing purchased one for $13.5 million.
Spire Motorsports acquires charter from Live Fast Motorsports
Live Fast Motorsports has sold their charter to Spire Motorsports for a record-setting price, rumored to be $40 million. Spire Motorsports, established in 2018, fields the No. 7 and No. 77 cars in the NASCAR Cup Series. Corey LaJoie, Carson Hocevar, and Ty Gibbs have driven for the team during the 2023 season. With the acquisition, Spire now holds three charters.
Spire Motorsports has also formed an alliance with Trackhouse Racing, with Zane Smith set to drive for the team in 2024. The team is owned by Jeff Dickerson and TJ Puchyr.
Brad Keselowski has previously stated that NASCAR charters are generally not for sale.
Live Fast Motorsports’ Statement
On Saturday, Live Fast Motorsports confirmed the sale of their charter, stating, “Live Fast Motorsports is confirming they have sold their charter to Spire Motorsports.” The team plans to provide additional comments to the media in the future.
The statement also expressed gratitude: “We thank all of our partners, fans, and LFM employees for their support and dedication. We plan to continue with a part-time schedule in 2024 with an open car.”
NASCAR charter sold for $40M to Spire Motorsports; new record.
