T.J. Puchyr agrees to buy Rick Ware Racing with plans to build a 3-car NASCAR team
In this image provided by TrueSpeed Communication, NASCAR team owner Rick Ware watches practice at Daytona International Speedway on Feb. 15, 2025 in Daytona Beach, Fla. (Mike Arning/TrueSpeed Communication via AP )
In this image provided by TrueSpeed Communication, NASCAR team owner Rick Ware watches practice at Daytona International Speedway on Feb. 15, 2025 in Daytona Beach, Fla. (Mike Arning/TrueSpeed Communication via AP )
FILE - A Rick Ware Racing patch is displayed on the fire suit of driver Cody Ware prior to the NASCAR Cup Series 300 auto race at New Hampshire Motor Speedway in Loudon, N.H., Sunday, Sept. 24, 2017. (AP Photo/Charles Krupa, File)
In this image provided by TrueSpeed Communication, NASCAR team owner Rick Ware watches practice at Daytona International Speedway on Feb. 15, 2025 in Daytona Beach, Fla. (Mike Arning/TrueSpeed Communication via AP )
CHARLOTTE, N.C. (AP) — One of the founders of Spire Motorsports has entered an agreement to purchase the NASCAR team owned by Rick Ware and is jumping back into the stock car series because he believes the current charters are grossly undervalued.
T.J. Puchyr, who in 2018 alongside Jeff Dickerson launched the Spire team to take over the charter that Furniture Row Racing could not unload, told The Associated Press on Thursday he and Rick Ware Racing have a deal for him to take over Ware's organization next season.
Advertisement
When Puchyr and Dickerson bought the Furniture Row charter, the market for NASCAR's version of franchise models was essentially dead. Their agency had been hired by Furniture Row owner Barney Visser to sell the charter and when they couldn't find a buyer, the two decided to purchase it themselves for $6 million and launch their own team.
That decision jump-started the charter market and the most recent charters sold — when Stewart-Haas Racing went out of business at the end of last season — went for approximately $30 million. Puchyr and Dickerson are largely credited with pumping life and value into an otherwise dormant charter system.
Puchyr last year sold his shares of Spire to Dan Towriss, the CEO of TWG Motorsports and header of the new Cadillac F1 team. Puchyr has spent 2025 consulting with various teams, including RWR and Legacy Motor Club. He's watched the market closely and has attended several of the recent court hearings involving NASCAR against 23XI Racing and Front Row Motorsports, who have filed an antitrust lawsuit over the charter agreement those two teams refused to sign last September.
There are only 36 Cup Series charters, which guarantee a team entry into every NASCAR race and a steady revenue stream. Puchyr believes they are greatly undervalued and in one of his final deals with Spire, he helped acquire a charter from Live Fast Motorsports for $40 million.
Advertisement
'I am bullish on wanting 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 industry to know that I believe the charters are worth $75 million or more,' he told AP.
___
AP auto racing: https://apnews.com/hub/auto-racing
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
22 minutes ago
- CBS News
No. 1 overall NBA Draft pick Cooper Flagg signs rookie contract with Dallas Mavericks
The Dallas Mavericks have signed No. 1 overall draft pick Cooper Flagg to his four-year rookie contract, the team announced Wednesday. The team didn't disclose details in announcing Flagg's deal, but the total value of the contract for the top pick on the 2025-26 rookie wage scale is in the range of $62.7 million, with a first-year salary of about $13.8 million, according to Spotrac. Those numbers can fluctuate slightly. Flagg said during his introductory news conference last week that he intends to play in the Summer League in Las Vegas later this month. The Mavericks' Summer League opener against the Los Angeles Lakers and Bronny James is set to be nationally televised on July 10. "I'm excited to give him the ball against the [Los Angeles] Lakers and see what happens," Mavs head coach Jason Kidd said. The 18-year-old from Duke became the fourth freshman to win The Associated Press national player of the year honors in the 64-year history of the award. Flagg led the Blue Devils to the Final Four in his only season. A new era for the Dallas Mavericks The addition of Flagg should help Mavericks fans turn the page on the Luka Doncic era. Less than five months before the NBA Draft, the Mavericks stunned the basketball world by sending Doncic to the Los Angeles Lakers in exchange for a package that included Davis, guard Max Christie and a 2029 first-round draft pick. There was a sense of pessimism around the team, but that all changed on May 12. The Mavericks won the NBA Draft Lottery, despite having just a 1.8% chance, and with it the opportunity to select Flagg.
Washington Post
24 minutes ago
- Washington Post
U.S. applications for jobless aid fell to 233,000 last week as layoffs remain low
Fewer Americans applied for unemployment benefits last week as layoffs in the U.S. remain low despite uncertainty about how tariffs will impact the economy. The Labor Department reported Thursday that jobless claims for the week ending June 28 fell by 4,000 to 233,000, less than the 241,000 that analysts forecast. The four-week average of claims, which evens out some of the weekly volatility, fell by 3,750 to 241,500.
Forbes
26 minutes ago
- Forbes
Four Ways To Invest In Yourself While Growing Your Business
Todd Villeneuve is managing partner at IFC National Marketing, a leading IMO for independent insurance agents and financial advisors. You're killing it, right? You meet prospects for breakfast, lunch, dinner and cocktails. You entertain and conduct business at concerts, sporting events and coffee shops. You take calls day and night, manage your marketing, write new contracts, track your sales. Business is booming. Meanwhile, you're burned out, stressed out and not sleeping well. The constant cadence of activity—while great for business—is beginning to sap your energy, fog your brain and interfere with your social life. Building a business is thrilling, but it can be all-consuming. Too often, when faced with long hours, perpetual deadlines, never-ending to-do lists and mountains of detail, entrepreneurs lose sight of their most valuable assets: good health, well-being and balance. I've found that this is a classic area where you need to 'put on your own air mask first' if you want your business and your personal life to thrive. For example, I've spent my career selling insurance and financial products. The pace can be demanding and stressful, and it's not for everyone. In fact, more than 90% of new agents quit the business within the first year. So, what's different about the 10% who succeed and achieve financial success? I've observed three characteristics that stand out among a number of successful agents: • They pay careful attention to their mental and physical health. • They prioritize social and professional interactions. • They understand the importance of balancing work with everyday life. How are well-being and business success connected? Neglecting your well-being can negatively impact business performance. For example, burnout can impair concentration, decrease motivation, reduce productivity and inhibit creativity. It can impair relationships—which are critical when you're trying to build a business—as well as increase errors and drive chronic stress, anxiety, depression, insomnia and a number of other health conditions. My advice for solopreneurs, entrepreneurs, consultants, freelancers—anyone striving to build a business—is to prioritize self-care. Self-care includes everything you do to keep yourself mentally, emotionally, physically, socially and spiritually healthy. Put it on your calendar first, because if you don't make time for self-care every day, you may be inviting burnout into your life—and into your business. Fill your tank. With all that said, burnout is not a sign of weakness: It's a signal. I invite you, encourage you, implore you to listen to that signal. Better yet, take action to prevent the signal bell from ringing in the first place. This doesn't require a wholesale shift in your lifestyle. You can slowly adjust your habits and schedule over time to reprioritize your personal health and well-being. Here are four effective ways I have found to prioritize personal wellness without disrupting the flow of your business. The benefits of physical activity are numerous, and working movement into your busy days is easier than you might think. One way that I've successfully built movement into my day is to schedule 'walk-and-talk' meetings with my team. These 30-minute telephone meetings allow me to ideate with my team (I've found that exercise fuels my creativity), answer questions about work in progress and focus on the needs of that particular employee without being distracted by my email or other activities in the office. If this isn't realistic for your business model, a five-minute walk outside or even around your building is a good place to start. Take the stairs when you can. Stretch and move your body. Dance (seriously, nobody is watching). When you're the boss, your to-do list can quickly get out of hand. One way to reduce stress and free up time in your schedule is by delegating responsibilities to your trusted team. Start by ensuring that you have the right people in the right seats. I encourage business owners, especially those looking to grow and scale their businesses, to use a framework like the Entrepreneurial Operating System (EOS) to guide them through this process. I've found that all work and no play not only makes one 'dull' but can also contribute to feelings of isolation and loneliness, exacerbate stress and anxiety, and be detrimental to the personal and professional relationships you've honed over the years. To nurture your social well-being, try blending work with play. Schedule breakfast or lunch with a client at your favorite restaurant, take a group of clients to a local sporting or cultural event or host a client appreciation dinner. You can also build rapport amongst your internal team by hosting social activities for your employees outside of the office. As often as possible, make healthy choices when it comes to your diet and your sleep habits. Whether it's drinking more water, limiting alcohol intake or eating fewer processed foods, slowly adapt your behaviors over time to incorporate choices that will fuel your body and mind, as well as potentially prevent future illnesses. You might even find that your team or select clients share the same goals as you so that you can surround yourself with support. Final Thoughts Without question, building a business is hard. The learning curve is steep, the tasks plentiful, the stress unavoidable. It's a process that demands the best of you, so make sure you're able to bring your best self to work every day by investing in yourself, your health and your well-being. Start small, keep going and don't forget to ask for help along the way. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
