B.J. McLeod Transition: B.J. McLeod has made a significant decision to step away from full-time competition in NASCAR’s Cup Series, citing a lack of competitive edge on his team’s part. He recently sold his team’s charter and expressed his acceptance of the sport’s shift toward a more secured Cup series, even if it results in a more exclusive group of affluent team owners.
“I appreciate the direction the Cup series is heading; its security is guaranteed,” remarked McLeod. “The sport’s growth to this level of precision and particularity benefits Cup racing. Meanwhile, the Xfinity and Trucks series offer a platform where building a competitive team remains an attainable goal.”
Unlike in the Cup Series, charters do not exist in NASCAR’s Xfinity and Craftsman Truck series.
Historically rooted in driver/owners or owners with driving backgrounds, the recent influx of non-competitive investors like retired NBA star Michael Jordan and entertainer Pitbull into NASCAR’s ownership landscape has been notable. These new owners consider the charter system as a compelling reason for investing in these organizations.
Prior to the conclusion of the 2023 season, McLeod confirmed the sale of his charter to Spire Motorsports. While exact financial details were undisclosed, estimates suggest that the charter, initially purchased from Go Fas’ for around $10 million in 2021, was sold to Spire for an approximate $40 million.
McLeod shared that since acquiring the charter three years ago, the team received numerous offers monthly, largely due to their consistent presence at the bottom of the standings.
Matt Tifft, McLeod’s former business partner, emphasized the intense interest in purchasing the team’s charter, highlighting a period when it became a “hot, hot market for a long time.”
“We had no intention of selling for an extended duration,” Tifft stated. “Eventually, we realized it was time for a serious conversation due to the market’s evolution.”
Reflecting on the business aspect of the charter system, McLeod highlighted substantial returns on their initial investment. “We’ve significantly multiplied our investment,” he confirmed.
While McLeod anticipated the costs associated with NASCAR’s Next Gen car, he didn’t foresee the elimination of the need for additional funding for research and development. However, the heightened competitiveness within the field prevented his team from making strides.
“I’ve been involved in this sport for 20 years, and the field’s competitiveness, from first to 36th place, is unparalleled,” McLeod remarked. “Unfortunately, we often find ourselves in that 35th to 36th spot. The sport’s rapid progression caught us off guard, and financially, we couldn’t match the pace.”
Looking ahead to 2024, McLeod intends to field a part-time entry in the Cup Series, concentrating on superspeedway races and road courses under No. 78. His involvement in the Xfinity Series for the upcoming season, whether full-time or part-time, remains to be determined.
Tifft concluded, emphasizing the sport’s dependence on funding, stating, “Ultimately, funding is the cornerstone of speed in this sport.”
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Our Reader’s Queries
What happened to BJ McLeod?
B.J. McLeod, a NASCAR Cup Charter seller, has recently sold his Live Fast Motorsports charter to Spire Motorsports. Despite the sale, McLeod holds no grudges towards the sport’s elitist owners and even made a decent profit from the transaction. The announcement of the sale was made before the 2023 season ended, and McLeod is content with his decision.
How old is BJ McLeod?
BJ McLeod, the co-owner of Live Fast Motorsports, will be taking the wheel of the No. 78 Chevrolet full-time in 2023. This marks the team’s first year under the Chevy name. Alongside Matt Tifft, McLeod is set to lead the charge for Live Fast Motorsports as they embark on this exciting new chapter. Stay tuned for more updates on their journey to the top.
What does BJ McLeod own?
B. J. McLeod Motorsports is a top-notch American stock car racing team that competes full-time in the NASCAR Xfinity Series. The team is owned by B. J. McLeod and his wife Jessica, and they currently field the No. 78 full-time for TBA. With their professional approach and expertise, B. J. McLeod Motorsports is a force to be reckoned with in the world of stock car racing.
