Kyle Busch, owner of the NASCAR Truck Series and Xfinity Series team Kyle Busch Motorsports (KBM), has officially offloaded his assets to the Cup Series powerhouse, Spire Motorsports.
The announcement sent ripples of surprise through the fan base, many of whom had witnessed KBM's unparalleled success in the Truck Series over the past 14 seasons, clinching a staggering 7 Owners Championships in the process.
One of the pivotal reasons behind this transaction lies in the expansion plans of Spire Motorsports. The acquisition of KBM, along with the assets of Rowdy Manufacturing’s chassis building operation and CNC machine shop, will empower Spire to more effectively oversee its burgeoning Cup Series team.
Additionally, KBM's Truck Series program is anticipated to continue its operations in limited capacity in the upcoming year. This strategic move by Spire was catalyzed by their recent decision to expand to three Cup teams, prompting them to initiate negotiations with Kyle Busch, culminating in this significant deal.
For Spire Motorsports, a relative newcomer in the Cup Series, this transaction is the latest in a series of substantial financial maneuvers aimed at cementing their status as a consistently competitive force in NASCAR.
Earlier this month, Spire unveiled plans to expand to three full-time Cup teams in 2024. This expansion was facilitated by the acquisition of Live Fast Motorsports' charter and the establishment of a strategic alliance with Trackhouse Racing.
Kyle Busch pens official statement upon the sale of Kyle Busch Motorsports
In response to this groundbreaking development, Kyle Busch penned a heartfelt statement, shedding light on the rationale behind this monumental decision.
He extended his sentiments beyond the team members, acknowledging the families who supported the staff and often endured extended work hours and weekends away. Busch stated:
"When we started the Truck Series team back in 2010, I never imagined that we would be able to win 100 races with 18 different drivers and that one day I'd be racing in the Cup Series alongside so many of the drivers that I once mentored at KBM. I owe a lot of gratitude to so many people, starting with Samantha and my family for believing in this dream that I had."
He also credited Toyota for their steadfast support over the past 13 years and commended Chevrolet for stepping up this year.
"It's important to me to be able to spend more time with my family and my No. 8 team at Richard Childress Racing. It'll be hard to walk away from the amazing facility that we have built," said Busch.
While parting with the remarkable facility that KBM had become was bittersweet, Busch affirmed his conviction that, given his present circumstances, this decision was the right one. He stated:
"I know at this point in my life and in my career, that this is the correct decision."