Denny Hamlin Warns Against the Aftermath of $40 Million Sale on Rival Teams

Earlier this week, news broke that the Live Fast Motorsports team was selling its charter. The lucky team that managed to successfully acquire this charter for 2024 is Spire Motorsports. As per reports, the organization bought the charter for an eye-watering $40 million dollars.

In light of this, Joe Gibbs Racing star, Denny Hamlin opened up on the sale and acquisition. The #11 driver even sent out a small warning for the future.

Denny Hamlin spoke about a deadline for the charter agreement

On his Actions Detrimental Podcast, Hamlin said, “I think that when it comes to getting sold. You got the group that purchased into Gibbs, right? More than likely, they purchased into the assets, the contracts. So they bought into, not just the charter, more likely they purchased into the whole franchise of Joe Gibbs Racing.”

“A lot of that includes how much money worth of contracts do they have with sponsorship, manufacturers, things like that? There’s a separate evaluation than just for the piece of paper saying ‘you’re allowed to compete in this’.”

The Joe Gibbs Racing driver acknowledged that it would be difficult to assimilate the worth of the big NASCAR teams. This is largely down to the greater number of assets, sponsor contracts, and more. The contracts help rake in more revenue, which in turn helps the franchise value skyrocket. In essence, Hamlin is of the opinion that this is to the team’s benefit. However, he did admit that there is some concern with regard to charter negotiations with NASCAR.

As it turns out, the teams are three months away from the charter agreement running out. He admitted, “There needs to be some serious work on that in a hurry to redo our charter deal and three months is very optimistic on NASCAR’s part. The last thing the teams want is to be rushed. We want it to be right and beneficial for everyone involved and we can get that done. Overall, this is a good sign for the teams. Still need to make it viable for a year-to-year basis. Certainly looks like there’s some long-term value there.”

READ MORE: Summarized to a Quick Read: 500-Lap Short-Track Action at Bristol Broken Down by NASCAR’s “Mayor” and His Associate

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Why Denny Hamlin has every right to be concerned?

Denny Hamlin has pretty much raised this issue because he has a stake in this as well. After all, he is the co-owner of the 23XI Racing team alongside NBA legend Michael Jordan. Others who will be just as worried will be Brad Keselowski, who co-owns the Roush Fenway Keselowski Racing team.

For now, though, Hamlin will be focused on the next round of the Playoffs. He clinched victory last weekend at the Bristol Motor Speedway, which automatically qualified him for a berth in the Round of 12. In the coming weekend, the paddock heads to the Texas Motor Speedway for the first race in the second round of the Playoffs.

WATCH THIS STORY: “Ross [Chastain] Manipulated It” – NASCAR Insider Put the Sport Under Heavy Scrutiny, Proclaiming They “Screwed up Denny’s Penalty”