CHARLOTTE, N.C. — NASCAR will have another new team in 2021 — bringing the total to three new ownership groups in the Cup Series — with the formation of Live Fast Motorsports.

The team formally announced Friday is owned by drivers Matt Tifft and B.J. McLeod.

McLeod will drive the No. 78 Ford next season. Tifft’s one season as a Cup Series driver ended late in 2019 when he suffered a seizure at Martinsville Speedway. He’s not raced since.

At 24, Tifft becomes the youngest owner in the series. The Live Fast entry joins 23XI Racing, owned by Denny Hamlin and Michael Jordan, and Trackhouse Racing, owned by former driver Justin Marks, as new teams next season.

“This is as big of a deal to me as being a driver in the Cup Series,” Tifft said.

Live Fast will be based in Mooresville and operate with a partnership with Stewart-Haas Racing. Tifft and McLeod bought out Archie St. Hilaire’s ownership interest of a charter used in 2020 by Go Fas Racing.

Joe Falk, part of the Go Fas Racing group, will work with Live Fast. Go Fas Racing, which fielded the No. 32 Ford for Corey LaJoie, is cutting back to a limited schedule.