What’s Happening?

NASCAR Commissioner Steve Phelps claims that several NASCAR Cup Series teams are interested in selling their charters, and “some are in the process of doing that right now.”

Steve Phelps said some NASCAR teams are in the process of selling their charters.

— Austin Konenski (@AustinKonenski) October 31, 2025

During NASCAR’s 2025 State of the Sport press conference, Commissioner Steve Phelps, in response to a question about rebuilding trust with potential investors in the wake of the sport’s ongoing lawsuit, stated that several teams are considering selling their charters.

Phelps, speaking on the impact of comments made, both public and private, during the sport’s ongoing antitrust lawsuit with teams 23XI Racing and Front Row Motorsports, assured that not only is there interest in selling charters, but that some teams are already starting the process of selling amid an increase in interest from private equity firms in those charters.

“What I do know is that there are a number of teams out there that are interested in selling their charters. Some are in the process of doing that right now. I’d say the interest from private equity has never been higher.” — Steve Phelps

Of course, at this time, we do not know which teams these are, aside from one transaction already set to take place. Following a court battle of its own, Rick Ware Racing is set to transfer a charter to Legacy Motor Club, which recently took on an investment from Knighthead Capital Management earlier this season.

But, beyond this, what other teams are selling their charters, and what that could look like with private equity firms involved, is unknown. For example, would these firms buy the charters or invest in a team or charter already owned by an individual active in the sport?

Likewise, entering this season, the lay of the land in charters looked clear-cut, with most teams looking set to keep theirs for years to come.

Despite the possibility that the outcome of the antitrust lawsuit could shake up the market, this seemingly cold seller’s market has led to some desperation among those interested, prompting the need for teams to pay top dollar for any charter they can secure.

For example, LMC’s purchase earlier this year was rumored to be a record-breaking $45 million, nearly two times the price of the charters 23XI and FRM purchased from Stewart-Haas Racing for around $28 million and $29 million last year.

But, if these deals are happening as Phelps claims, and with a 2026 season in which several drivers’ contracts are set to expire on the horizon, the coming Silly Season could be one of the most dramatic in recent years.

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