Racing team owner T.J. Puchyr finalizes purchase of Rick Ware Racing, aiming to expand his operation to a 3-car NASCAR team.
Top Gear Shifts Again: Puchyr Jumps Back into NASCAR with Undervaluation Belief
Charlotte, NC - Ricochet Motorsport founder, T.J. Puchyr, has struck a deal to snag Rick Ware Racing, diving back into stock car racing, convinced that the current charters are severely underestimated.
Puchyr, who alongside Jeff Dickerson launched Spire Motorsports to grab the charter Furniture Row Racing couldn't shed back in 2018, confirmed to The Associated Press on Thursday he and Rick Ware Racing have a deal set for the takeover next season.
When Puchyr and Dickerson bought the Furniture Row charter, the NASCAR franchise market was nearly defunct. With Puchyr's agency on the job, they were unable to find a buyer, so they decided to purchase it themselves for $6 million and kickstart their team.
This move breathed life into the dormant charter system, with recent charter sales like Stewart-Haas Racing's charter at the end of last season fetching an approximate $30 million. Thanks to Puchyr and Dickerson, charters are now considered gold dust, with their heroic actions driving the charter market's resurgence.
Post-2024, Puchyr decided to offload his shares of Spire to Dan Towriss, CEO of TWG Motorsports and head of the new Cadillac F1 team. Puchyr has since been pulling strings in the racing world, consulting with various teams, including RWR and Legacy Motor Club. Keeping a keen eye on the NASCAR antitrust lawsuit between 23XI Racing and Front Row Motorsports, he's been around the block and is ready to make a splash in the NASCAR paddock once more.
Puchyr is so optimistic about charters that he helped acquire a charter from Live Fast Motorsports for $40 million. In his estimation, these sought-after assets are worth at least $75 million or more.
"I get a taste for upsetting the status quo, and I'm itching to build a three-car team," he told the AP. "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."
In the deal with Ware, Puchyr plans to keep Ware on board as a partner, keep Ware's son, Cody, in the No. 51 Ford, and retain all of the current RWR employees. With competing claims over the lease agreement for Ware's second charter, Puchyr believes Legacy will be left high and dry, and Ware has filed a countersuit against Legacy.
Legacy, a two-car Cup team, is owned by seven-time NASCAR champion Jimmie Johnson. Johnson has recently drawn financial backing from private equity firm Knighthead Capital Management, who are planning on expansion into various motorsports series. Puchyr didn't mince words when discussing the lawsuit, "If anybody deserves a pass it is Jimmie and if he wants to sit down and talk about it like men, I'd entertain the conversation."
Puchyr and Ware are confident that the second charter currently leased to RFK will be returned to their team in 2027, allowing Puchyr to extend the organization. He intends to purchase a third charter and take RWR from a three-car Cup team by 2027.
Ware, a dominant force in other motorsports series, is looking to rebuild his organization and secure his son's victories, a goal Puchyr is excited to help him achieve. "I've won at everything I've done at every level, and I think we can compete with these guys," Puchyr said. "I think we can build it brick by brick and it's going to take people, money, and time. It's not lost on me that (RWR) is the 36th-place car in the garage, we all see it. But I believe we can make this a competitive organization, even a winner."
Puchyr declined to reveal financial details of the Ware acquisition to the AP, currently only holding the charter for Cody Ware's car this season while running Corey Lajoie in a second "open" car in select races. Once they get their leased charter back from RFK in 2027, the team will have at least two cars and aim at securing a third.
The charter market is red-hot, with multiple teams seeking to invest but lacking the funds to bid at the steep rates. Hall of Famer Dale Earnhardt Jr. continues to be on the hunt, unable to land his hands on charters with a view to taking his Xfinity Series team to NASCAR's top level.
T.J. Puchyr, with his belief in the undervaluation of sports charters, is expanding his business ventures into the world of sports finance, aiming to acquire a second sports team, Rick Ware Racing, next season. Amidst this, Puchyr is also involved in the ongoing legal disputes within the sports industry, particularly with the seven-time NASCAR champion Jimmie Johnson and his team, Legacy Motor Club.
