One of the founders of Spire Motorsports has reached an agreement to acquire the NASCAR team owned by Rick Ware, marking his return to the stock car racing series. The decision is based on his conviction that the current charters are undervalued. T.J. Puchyr, who in 2018 co-founded Spire Motorsports with Jeff Dickerson, has formalized an agreement with Rick Ware Racing to take control of Ware’s organization next season. The acquisition of the charter by Puchyr and Dickerson at the time revitalized the market for these assets, which had lost value. Recently, charters have been sold for figures close to $30 million, a significant increase driven, in part, by the initiative of Puchyr and Dickerson. Puchyr, who previously sold his stake in Spire, has been advising several teams, including RWR and Legacy Motor Club, and has closely followed the market, attending court hearings related to NASCAR and disputes over charter agreements. With only 36 charters in the Cup Series, which guarantee participation in each race and a constant flow of income, Puchyr believes they are undervalued. In one of his latest operations with Spire, he helped acquire a charter from Live Fast Motorsports for $40 million.
I am sure I want to build a three-car team. I believe in the France family and the direction of the sport, and I want the rest of the shareholders and the industry to know that I believe the charters are worth $75 million or more.
T.J. PuchyrThe Future of the Second Ware Charter
In the agreement with Ware, Puchyr will keep Ware as a partner, retain Cody Ware in the number 51 car, and retain all current RWR employees. Ware’s second charter is currently leased to RFK Racing. However, Legacy Motor Club made a legal claim over an agreement to purchase that charter next season, but a judge disagreed. Puchyr believes that neither party can fulfill the Legacy-RWR contract and that there is no charter available for Legacy in 2026. Ware has filed a counterclaim against Legacy. Legacy, a two-car team, is currently under the ownership of Jimmie Johnson. Recently, it has added the partnership of the private equity firm Knighthead Capital Management.Puchyr and Ware are confident that the second charter, currently leased to RFK, will return to their team in 2027, allowing Puchyr to expand the organization. Their goal is to acquire a third charter to turn the team into a three-car structure by 2027.If anyone deserves a pass, it’s Jimmie, and if he wants to sit down and talk like men, he would lend himself to the conversation.
T.J. PuchyrCan Puchyr Build a Winning Team?
Ware has completed the second-highest number of charter transactions in the industry, and at one point had four. Now, he seeks to rebuild his organization and win races with his son as a driver, something Puchyr wants to help achieve.Ware has winning teams in other motorsports series, including NHRA. Puchyr did not disclose the amount of the purchase of Ware’s organization. The team, which technically only has the charter for Cody Ware’s car this season, plans to have at least two cars, with the goal of buying a third once it recovers its leased charter from RFK in 2027. The acquisition of charters is a challenge nowadays, with several teams interested but lacking funds to acquire them at the rising prices.I’ve won in everything I’ve done at all levels and I think we can compete with these guys. I think we can build it brick by brick and that it takes people, money and time. It doesn’t escape me that RWR is the car in the 36th garage, we all see it. But I think we can turn this into a competitive, even winning organization.
T.J. Puchyr
