23XI Racing Paid a Massive Amount of Money for Charter

23XI Racing confirmed on November 16 the purchase of a charter for the No. 45 Toyota Camry TRD that Kurt Busch will drive during the 2022 NASCAR Cup Series season. Now a motorsports insider has revealed that the second-year team shelled out $13.5 million.

Adam Stern of the Sports Business Journal reported on December 2 that 23XI Racing agreed to pay $13.5 million for the charter that previously belonged to StarCom Racing. This number made it one of the most expensive purchases since the charter system became a part of NASCAR in 2016.

Hamlin and co-owner Michael Jordan purchased a charter for Bubba Wallace’s No. 23 Toyota Camry prior to the 2021 season. This deal with Germain Racing ensured that the first-year operation would have guaranteed entry to every race on the schedule in 2021 and subsequent years. Though Hamlin paid a quarter of the price to obtain his first charter from the now-defunct team.

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Denny Hamlin Confirmed He Spent This Large Amount of Money

NASCAR teams traditionally shy away from sharing financial information about charter transactions or team purchases, but Hamlin provided some confirmation during a trip to Nashville, Tenn. He met with media members ahead of the NASCAR Awards banquet and confirmed that he spent $13.5 million and that all he received in return was a piece of paper that he had to sign.

“Absolutely. For sure,” Hamlin told FOX Sports reporter Bob Pockrass on December 2. “All it did is tell me my investment last year of $4 million was a good investment. I mean, not ideal, but if we plan on being in the sport for a long time, then we’re all placing a bet. Hopefully, our chips don’t get taken off of the table.”

Hamlin continued and told media members that he believes the charter prices have reached a plateau. He explained that all of the teams that needed a charter — such as Kaulig Racing and GMS Racing — all have them in hand and that the prices likely won’t go up until new owners try to come to the Cup Series.

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23XI Racing Can Now Focus on Stacking Wins in 2022

Spending $13.5 million to acquire Busch’s charter may not have been an ideal situation for Hamlin, but it provided some clarity heading toward the 2022 season. He and the team no longer have to worry about trying to qualify for each race on the schedule as one of the four “open” teams. Instead, they can focus on winning.

Wallace already won the organization’s first race. He captured the rain-shortened YellaWood 500 at Talladega Superspeedway with a late move to the front of the pack and some key blocks on his fellow drivers. He won the first Cup Series race of his career, as well as the first in 23XI Racing history.

Wallace will now set out to add another win to his resume while Busch brings 33 career victories to the team, as well as the 2004 Cup Series championship. Busch will reunite with crew chief Billy Scott after a one-win season at Stewart-Haas Racing in 2018 and he will strive to reach Victory Lane with a Next Gen Toyota Camry TRD.

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