NASCAR’s Steve Phelps Refuses to Confirm Spire’s $40 Million Bill as He Reveals Nearing Charter Deal

NASCAR President Steve Phelps addressed the issues pertaining to the teams’ feud with the authorities. It is no secret that tensions have been brewing inside the American stock car racing world for quite a while. The team owners collaborated to handle this legally by hiring the country’s best lawyer. Their only requisite? A fair deal that will be beneficial to both parties.

NASCAR’s initial reluctance to discuss this with the teams indeed angered them. But now it seems that the authorities too are trying to get this resolved, as soon as possible. We do not know if this is some sort of damage control, but Steve Phelps speaking about the very issue can cool things down as of now.

Phelps reveals they are going to get the charter deal done

In an interview with SiriusXM NASCAR Radio, the NASCAR President addressed the ongoing charter negotiations between the teams and the body. He confirmed that the organization is going to present a fair deal, which will be profitable to everyone. Phelps also went on to explain how a proper charter deal would help the teams in the long run by increasing their enterprise value.

“We’re going to get it done. The only question is when, and I’ve said this for two years. We are going to do a fair deal, and the fair deal is going to provide more money to the race teams,” said Phelps. “And we’ve got to, we’ll give them a path towards profitability, which is what they want. And an opportunity to increase their enterprise value of their charters,” he added.

Phelps pointed out how the enterprise value of teams have soared in the last three and a half years and said he believed that it will increase more significantly once their deal with the teams are brought into effect. The conversation took another turn as Spire Motorsports‘ acquisition of Live Fast Motorsports for a reported $40 million came up. Though the NASCAR president did not confirm the exact figures, he exuded confidence that once the deal is done, the figures could perhaps surpass even $40 million in no time.

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NASCAR President refuses to exact Spire’s hefty bill from last year

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It is safe to say that the high price that Spire paid for the acquisition has put the limelight on NASCAR’s future potential. With ongoing negotiations with teams regarding matters including money and profit, Steve Phelps acknowledged how a successful charter deal will pay in dividends.

Phelps said, “So it’s alleged that the last charter sold for $40 million, plus the two other charters that are part of what that is, which is Spire. I can’t, I won’t confirm or deny that. But I’ll just say this, yeah, that’s pretty close to what the number is.” “I think it will continue to increase significantly once this deal is done,” he further added.

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If that is indeed true, the stock car racing circuit is indeed moving toward some exciting times. However, it remains to be seen when a deal can be reached.