“That’s an Influx of Cash” – Denny Hamlin Reveals the Ripple Effect of Spire Motorsports’ Record-Breaking Deal

NASCAR is an extremely high-value sport that deals with hundreds of millions of dollars. Over 21 teams compete across the three top-tier series of NASCAR. The owners of these teams invest a hefty amount of money for their teams to be able to compete in NASCAR races. However, the investment of such heavy chunks of money calls for some kind of security.

This is where the charters come in. Since their inception in 2016, Charters have grown to a total number of 36 and are currently renewable and revocable. On that note, Live Fast Motorsports owner BJ McLeod has recently sold their #78 charter to Spire Motorsports and set up a record.

A multi-million dollar deal that could reduce the uphill task for BJ McLeod

Spire Motorsports bought BJ Mcleod’s charter from Live Fast Motorsports for a whopping $40 million. Indeed, a good step for the #78 Chevy Star. After all, charters are basically like stocks; you can purchase them when the prices are low and sell them off when they boom the market. Besides having their own engine program, Live Fast Motorsports will definitely benefit a lot from the money that they received by selling their charter off to Jeff Dickerson’s NASCAR team.

Despite being a single-car team, with McLeod being the main driver, Denny Hamlin felt like this deal could help McLeod to be more competitive. Although speaking purely from speculation, Denny Hamlin said, “It’s a single-car team. There’s no efficiency because, again, I’m just a one-car team.”

Speaking for McLeod, the 23XI Racing owner said, “I could just cash out when maybe we’re at the height of this , maybe we’re not. I think, (he) made the right choice.”

“That’s an influx of cash now to that program; hopefully, they can build on that program as well,” he added.

According to Denny Hamlin, competing at a higher level without the ample amount of resources would have been a humongous task for Live Fast Motorsports. This recent transaction with Spire Motorsports will surely help them to cope with the shortcomings that they have on the resources side of things.

But the biggest home-run for McLeod is probably the profit that he made by selling their charter. In a recent episode of Actions Detrimental, co-host Jared Allen asked Denny Hamlin, “Do you know what he paid for the charter a couple years ago?”

Denny admitted that it could not have been more than a couple million dollars.

Hamlin explained, “It was when charters were just a couple million.”

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Good news for the fans, BJ McLeod’s team is still going to be around the arena of NASCAR. After Live Fast Motorsports Twitter their recent decision, fans felt relieved for that very reason.

Fans were not ready to let go of their G.O.A.T.

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Denny Hamlin assured everybody that Live Fast Motorsports will still be very much active and participating in the NASCAR Xfinity Series. He said, “BJ is not going anywhere, he is a great dude…happy for them.”

Just a couple of days back, Live Fast Motorsports tweeted, “We thank all of our partners, fans and LFM employees for their following and dedication and we plan to continue in a part time schedule in 2024 with an open car”

Reigning Truck Series champion Zane Smith will pilot the newly purchased charter in a rather unique arrangement. Smith will be under a contract with Trackhouse Racing and later in 2024, will farm out to Spire Motorsports.

Fans showered appreciation for the newly made decision.

Skewcar wrote, “Glad yall are planning on atleast running part time. We need our GOAT BJ McLeod to still run some races 🐐”

A fan commented, “glad y’all are planning on going part-time in ’24!”

On that note, another said, “glad you guys still be around part time :)”

While someone felt a tad disappointed with the team exiting from a full-time Cup Series regime and said, “After seeing the development the team has had over the last couple years, it’s kinda sad to see this. Glad there will still be a Live Fast car out there.”

But another fan looked at the brighter side of things and typed, “A lot of people are disappointed I see it as a great opportunity to invest in the xfinity teams. Cars are decent and tend to attract decent drivers, hopefully that $40 mil can push them over that hump!”

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