“What’s a Rick Hendrick Charter Worth?” – Kyle Petty Belittled NASCAR’s Massive $40 Million Sale Calling It “Just a Piece of Paper”

When we say ‘NASCAR’, we don’t just visualize 40 700-horsepower racecars dashing at blazing speed around 300 laps of pure madness. For the motorsport enthusiasts, NASCAR is a journey; kind of like a television series that has multiple sequels and multiple angles. And when a record-breaking episode airs in that series, the audience just goes gaga. And recently, something of that sort happened in the NASCAR charter market.

Live Fast Motorsports sold their #78 charter to Spire Motorsports for a price tag of a jaw-dropping $40 million, which breaks the previous record of 13.5 million dollars acquired by 23XI Racing in 2021. Although people had polarized opinions on whether it was the right decision or not, NASCAR veteran Kyle Petty suggested an interesting approach to the question.

Kyle Petty posits Rick Hendrick on a higher pedestal in the Charter market

It is true that Spire Motorsports single-handedly set the standards of the charter market high in the arena of NASCAR. Every NASCAR team owner invests hefty chunks of hard-earned money in their NASCAR teams. These charters provide security to that money. If a team runs out of business like Junior Johnson and Bud Moore did back in the day, they could sell their charters off for a good amount of money.

However, charters just ushered in 2016. Before that, teams would have cars, buildings, or even pieces of machinery as their primary capital investments. On that note, Kenny Wallace was curious about what Kyle Petty thought about the $40 million transaction.

Kyle Petty admitted that he found it fascinating. And for enough reasons. Back in the day, team owners had businesses as security and these included decades’ worth of operations around those businesses. However, now someone can buy a charter at 2-3 million dollars and sell it for as much as 20 times its cost.

Kyle Petty said, “We’re in a sport where somebody paid X for a charter and sold it for almost 400 times what he paid for, that’s not 10 cents on a dollar, that’s a multiple of 400 almost. Which is crazy to me. It’s just a piece of paper.”

However, he acknowledged their worth. Indeed, it guarantees a starting spot in every race alongside a copious amount of money. But he also added that Spire Motorsports purchased the charter on the lower end of the income spectrum.

In simpler words, if a Live Fast Motorsports charter costs $40 million, how much would a Hendrick Motorsports charter cost? Imagine the cost of the #9 or the #24 HMS charter!

Kyle Petty speculated, “Rick Hendrick owns four charters that are up here, what’s a Rick Hendrick charter worth? Is it worth 60? Is it worth 80? And he’s got 4 of them!”

Watch This Story: 23XI Co-owner Denny Hamlin Favors Rivals Trackhouse Racing Driver Over His Own Driver Bubba Wallace

23XI Racing owner Denny Hamlin belittled Jeff Dickerson’s purchase for a different reason

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Spire Motorsports owner Jeff Dickerson is practically on a charter rampage, to broaden the prospects of his team. He has recently tied hands with Trackhouse Racing as well. And with his recent takeaway from McLeod’s garage, his team is all set to prosper. However, Denny Hamlin felt otherwise.

According to the #11 Joe Gibbs Racing driver, you cannot increase your worth in the market merely by purchasing an expensive charter. It takes years of experience and work in the domain of stock car racing to establish one’s dominance like Rick Hendrick has.

According to Denny Hamlin, it all comes down to sponsorships. Despite owning an expensive charter, a team will lose money if they lose sponsorships. He explained, “Because, these owners like Rick Hendrick and Joe Gibbs, and Roger Penske, and Richard Childress that have been around for such a long time deserve getting paid for their commitment to this sport for decades and decades, right? They deserve for their franchise to be worth something, a big number, whatever that number might be.”

He revealed that he felt a lot better about his investment in his team. Denny stated, “If it is exactly what as advertised, with what we paid, if you combine what we paid for the two, just a few years ago. Then yeah, I like my investments. It’s turned out well so far.”

Read More: Emotional Rick Hendrick Gets Candid on Hendrick Motorsports Milestone Achievement: “Never Thinking We’d Get to 269”