Well, that escalated quickly.
Spire Motorsports has purchased a NASCAR Cup Series charter from Live Fast Motorsports for $40 million, The Athletic reported.
NASCAR’s charter system was instituted in 2016 and guarantees entry into every race each season.
The first charters were reportedly sold by the defunct Michael Waltrip Racing to Joe Gibbs Racing and Stewart-Haas Racing for $1 million each that year.
Spire is running two chartered cars this season for Corey LaJoie and Ty Dillon and will add Zane Smith in a third car through an alliance with Trackhouse Racing, which signed the current Truck Series driver to a multiyear deal with plans to have him in a Trackhouse car in 2025.
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Spire reportedly paid $6 million for one of its charters in 2018, according to Forbes, to put their increase in value in perspective.
The previous known record price paid for a charter was 23XI Racing’s purchase from Starcom Racing for $13.5 million in 2021, revealed by Sports Business Journal.
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Live Fast Racing plans to continue operations as a part-time team that will have to qualify in to Cup Series events.
Corely LaJoie recently signed a multi-year contract with Spire Motorsports, but Ty Dillon’s future with the team beyond 2023 has not been confirmed.