Breaking: Michael Jordan’s 23XI Racing Holds Out on Major NASCAR Deal
23XI Racing, co-owned by NBA legend Michael Jordan, announced Saturday that it missed the deadline to sign a new charter agreement with NASCAR, citing unfair bargaining conditions. The team, which also counts active driver Denny Hamlin and Jordan’s close advisor Curtis Polk as co-owners, revealed that NASCAR had imposed a Friday deadline for teams to commit to charter agreements running from 2025 through 2031.
In a formal letter to NASCAR, 23XI Racing, part of Toyota’s racing organization, stated its refusal to sign the extension, highlighting concerns over the negotiation process. The announcement came just before the start of NASCAR’s playoffs, and speculation in the garage indicated that nearly all Cup Series teams had signed the new agreements, except for 23XI and Front Row Motorsports, a Ford-backed team.
Sources close to the negotiations, speaking anonymously, claimed that teams felt “threatened and coerced” by NASCAR to sign the charters or face the possibility of them being revoked. One of the sources noted the tense atmosphere around the negotiations, which have spanned several years.
Curtis Polk, Jordan’s right-hand man, made a subtle statement at last week’s Southern 500 by pinning a sign to his back that read: “Please don’t ask me about my Charter. I don’t want to disparage NASCAR and lose it.” This incident occurred on the same weekend 23XI driver Tyler Reddick won the regular-season championship, a victory the team felt NASCAR did not adequately acknowledge.
In a statement released on Saturday, 23XI Racing said: “We notified NASCAR in writing about the issues that need to be addressed. We remain open to constructive discussions that will bring about a fair resolution, ensuring the strength of the sport we all care about.”
The statement also reaffirmed the team’s commitment to excellence, emphasizing their stance on the need for NASCAR to operate under “fair and equitable practices.”
What is a NASCAR Charter?
A NASCAR charter is a critical asset, currently guaranteeing 36 teams entry into all 38 Cup Series races each season, as well as a share of television revenue and race purses. NASCAR holds four additional charters, reserved for potential future manufacturers.
The latest charter agreements were signed in 2016 and expire at the end of this year, alongside the current television contract. Ongoing negotiations between teams and NASCAR have focused on teams’ demands for a larger share of revenue, greater influence in decision-making, and for charters to be made permanent. NASCAR, however, has refused to entertain the idea of making charters permanent.
NASCAR has yet to issue an official comment on the ongoing charter negotiations.
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