NASCAR Settles Antitrust Lawsuit with Michael Jordan

NASCAR has settled an antitrust lawsuit brought by NBA legend Michael Jordan, agreeing to revise its disputed charter system.

Filed on antitrust grounds by Front Row Motorsports and Michael Jordan’s 23XI Racing, which the basketball legend owns alongside his business manager Curtis Polk and three-time Daytona 500 winner Denny Hamlin, the lawsuit alleged that NASCAR had been practicing a monopoly through its charter system – the elite motorsport’s version of the franchise model that guarantees the team’s “car a spot in the 40-car field for all 38 races, as well as a defined payout from the weekly purse,” per the Associated Press.

Front Row Motorsports and 23XI Racing were the only two teams out of 15 to refuse to sign NASCAR’s renewal of their charter agreement in late 2024, arguing that the terms fell short of what they sought after 2 years of negotiations.

“Even with the charters, the teams have argued that the revenue model is not viable,” noted the AP earlier this month. “The teams wanted the charters to become permanent (they are renewable and revocable), a larger percentage of revenues, and a voice in governance.”

“The two organizations argue NASCAR holds too strong a hold on all aspects of the racing series and allege a monopoly based on exclusivity clauses, ownership of most of the race tracks on the Cup schedule, and its control of the rules and regulations,” it added.

According to the New York Post, following the settlement on Thursday, Jordan, 23XI co-owner Denny Hamlin, and Front Row owner Bob Jenkings joined NASCAR Chairman Jim France as they stood together outside the courthouse where they announced that the charters “will be made permanent for all Cup Series teams. Both 23XI and Front Row Motorsports, the two plaintiffs, will get them back after racing uncharted most of this past season.”

“Today’s a good day,” Jordan said.

While the financial terms of the settlement were not disclosed, an economist testified that “23XI and Front Row were owed over $300 million in damages.”

“What all parties have always agreed on is a deep love for the sport and a desire to see it fulfill its full potential,” NASCAR and the plaintiffs said in a joint statement. “This is a landmark moment, one that ensures NASCAR’s foundation is stronger, its future is brighter, and its possibilities are greater.”

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