Chip Ganassi sells NASCAR team to Trackhouse Racing

Trackhouse Racing is acquiring the NASCAR operation of Chip Ganassi Racing, the two sides announced Wednesday. The deal is effective at the end of the 2021 racing season.

Justin Marks, the CEO of Trackhouse, team president Ty Norris and Ganassi disclosed the transaction on a live stream from the NASCAR Hall of Fame in

Charlotte, N.C. The purchase price wasn’t revealed.

“This process took several weeks and I want to thank Chip for being so open and candid with me every step of the journey,” Marks said. “Chip has built an iconic motorsports empire and the Ganassi brand is globally recognized as a winner in the auto racing industry.”

Ganassi said he wasn’t looking to sell his two NASCAR charters, which is the equivalent of owning a sports franchise.

“My NASCAR team was not for sale,” Ganassi said. “Justin simply came to me with a great offer and an even better vision. As everyone knows, I care deeply for my employees so selling to someone like Justin ... made the reality of selling much easier.”

Ganassi acquired majority ownership of the NASCAR operation from Felix Sabates in 2001. He also has teams in the IMSA WeatherTech SportsCar Championship, the NTT Indy Car Series and Extreme E.

Ganassi Racing has two drivers in the Cup Series in 2021 — Kurt Busch in the No. 1 Chevrolet and rookie Ross Chastain in the No. 42 Chevrolet. Busch ranks 14th in points and is in playoff contention. He is a free agent after this season.

Trackhouse Racing has one Cup Series team, with Daniel Suarez driving the No. 99 Chevrolet, with another driver to be added in 2022.

The team leased a charter from Spire Motorsports for 2021 but had been unable to secure a charter to give it stability from year to year. The lease was for one year only.

As part of the transaction, Ganassi will transfer his Concord, N.C., race shop and all assets to Marks for 2022.