JR Motorsports has been looking to join the NASCAR Cup Series for a decent amount of time. More specifically, it dates back to last June when co-owner Dale Earnhardt Jr. stated the organization “absolutely wants” to join the Cup Series.
However, the timing was not right as JR Motorsports stayed in the NASCAR Xfinity Series. In fact, there were zero moves in the charter market for the first time in a long time. This comes after the reported cost to purchase one was around $30 million.
This has created an environment where sellers are not looking to reasonably sell and buyers are not looking to buy for the overpriced good. Unfortunately for the sport, JR Motorsports is a part of the buyers who simply cannot financially afford such a purchase.
Related: JR Motorsports makes big changes to Xfinity teams for 2023
JR Motorsports still strongly wants to enter the NASCAR Cup Series, waiting for right opportunity
JR Motorsports is one of the powerhouse organizations in the NASCAR Xfinity Series and that should carry over into the 2023 season. However, what about their plans for the NASCAR Cup Series?
Kelley Earnhardt Miller, co-owner and chief executive officer of JR Motorsports, went on SiriusXM NASCAR Radio a few weeks ago to discuss the chase for a Cup Series charter entering 2023.
This comes after Earnhardt Jr. became part of an ownership group alongside Kevin Harvick, Jeff Burton, and Justin Marks to purchase the CARS Tour.
“I mean, (JR Motorsports)’s appetite (for a charter) is still strong. It’s just that there’s not a lot on the table to choose from. I think people are in a wait-and-see mode with the new TV contract and the new charter contract. It kinda cooled off just because there’s nothing out there to purchase unless you want to pay an arm and a leg, and maybe a full body. It just doesn’t make sense.”
Kelley Earnhardt Miller on JR Motorsports’ appetite for a NASCAR Cup Series charter
This is something that is commonly shared around NASCAR. The price to purchase a charter is ridiculous due to the upcoming TV and charter contracts. As stated above, the price to acquire one was around $30 million a few months ago.
There are plenty of teams that would love to make the jump to the Cup Series; however, it is not financially responsible to attempt it when the market is destroyed for groups trying to buy. It is not a reasonable asking price.
Despite the troubles surrounding the financial aspect, the JR Motorsports co-owners still want to enter the Cup Series sometime in the near future at a reasonable cost.
(Dale Earnhardt Jr.) and I both talk. I just turned 50 this year, he’s approaching 50. We want to be NASCAR Cup Series team owners but at the same time, we don’t want to work forever…It’s gotta work out financially and mathematically to make it all make sense. Still on the burner, not completely on the back burner, but there’s just not a lot of good opportunities out there.”
Kelley Earnhardt Miller on wanting JR Motorsports to be in the NASCAR Cup Series
There is a line where too much money is simply too much money. JR Motorsports is at the point where the market needs to become better or there won’t be an opportunity for them to make the much-desired jump.
NASCAR would benefit from the Earnhardt name being owners in the Cup Series alongside Jimmie Johnson, Jeff Gordon, and Tony Stewart. It is the major piece missing from the puzzle right now.
However, it looks like that avenue for JR Motorsports will take some time until everything is sorted out. If it is not by the summer, the organization might be waiting another year.