They will expand their racing events to 50 races in the upcoming year.
A new Midweek Money Series will be introduced to offer more racing opportunities.
The 2023 World of Outlaws Sprint Car Series champion, Brad Sweet, will join Hight Limit Racing full-time.
The series will provide over $5 million in prize money, with the champion receiving $250,000 from a $1 million points' fund.
FloSports, a streaming sports platform, has invested in the series through a multi-year agreement.
The new series aims to schedule races during off-weekends to avoid conflicts with major racing events.
Hight Limit Racing's goal is to enhance the sport and make it financially viable for drivers and teams.
The schedule's full details are yet to be announced, but the series will kick off in February at Volusia Speedway Park in Florida.
Hight Limit Racing will include some ASCoC events and take over marquee West Coast races.
This move comes at a time when streaming platforms have become a significant part of sports, and the series hopes for a successful future.