NASCAR team Spire Motorsports reportedly completes $40,000,000 acquisition of Live Fast Motorsports’ charter

Spire Motorsports has inked a deal to acquire Live Fast Motorsports' charter for a reported sum of approximately $40 million, as disclosed by The Athletic.

This monumental $40 million agreement establishes a new high watermark for charter acquisitions since NASCAR's adoption of a franchise-style system in 2016.

In 2018, Spire made headlines by securing the Furniture Row Racing No. 78 charter for a then-noteworthy $6 million. Today, that figure appears astonishingly modest in comparison.

The meteoric rise in charter valuations aligns with a broader trend, as teams anticipate a more substantial share of the financial windfall generated by NASCAR. A cornerstone of this fiscal influx is derived from the lucrative Cup Series television contract.

NASCAR is presently on the cusp of finalizing its next monumental television deal, projected to surpass the eye-watering $8.2 billion garnered when rights last went up for grabs.

The current partnership with Fox Sports and NBC Sports is set to expire after the 2024 season. This is a development that has industry insiders bracing for a surge in charter values up to an estimated $50 million.

Anticipating the outcome of these negotiations, team executives are bracing for charter values to swiftly ascend, potentially soaring to the $50 million mark.

What drivers will be a part of Spire Motorsports next season?

This acquisition marks a significant expansion for Spire Motorsports, bolstering their fleet to three cars as they gear up for the 2024 season.

Presently, the team is fielding Cup Series squads for Corey LaJoie (No. 7) and Ty Dillon (No. 77). Carson Hocevar of the Craftsman Truck Series has also been a part of the team in a part-time role.

While an official announcement on the driver for Spire's newly acquired charter is yet to be made, it is reported that Zane Smith is among the current top contenders. The 24-year-old has made sporadic appearances in the Cup Series with Rick Ware Racing in the current season.

At the same time, it is also likely that Ty Dillon will not be a part of his current team in the next season, with the part-time Xfinity Series driver reported for a move away.

With that in mind, Spire Motorsports could potentially line up with an exciting trio of Corey LaJoie and young drivers Carson Hocevar and Zane Smith next season.

The acquisition of Live Fast Motorsports' charter by Spire Motorsports also underlines the strategic foresight and shrewd business acumen that continues to drive Spire's ascendancy.

As the sport hurtles towards an era of growth, the reverberations of this acquisition are sure to be felt throughout the NASCAR community, setting the stage for an electrifying 2024 season.