NASCAR and the two teams suing it, Front Row Motorsports and Michael Jordan’s 23XI Racing, agreed to a settlement Thursday at the start of what would’ve been the ninth day of the antitrust trial that has engulfed the sport and threatened its future.
Full terms are still not known, and details continue to trickle out. As our Jordan Bianchi and Jeff Gluck gather more from the scene, we’ll be updating here with more about the landmark deal. Here’s what you should know.
The terms we know
The teams will get their charters back. Previously lost during the litigation, The Athletic confirmed that each team will get back the three charters it lost as part of the litigation.
There will be some form of evergreen charters. The charter system — which operates like franchises in other sports and guarantees teams certain revenues — was the central issue in the dispute. Teams were seeking permanent guarantees of ownership, while NASCAR chairman and CEO Jim France refused to offer it, saying in court he wasn’t comfortable with agreements that “go on forever.”
Jordan Bianchi has more on what the teams are getting in the settlement.
Michael Jordan’s reaction
As the parties waited for the final word on the documents, Jordan sat with a venti holiday Starbucks cup — with a barista-scribbled “Thank you!” on the side — and looked toward the front of the courtroom.
He then peered to the side at two reporters and responded with a smirk.
“What are you smiling at?” he teased.
Later, outside the courthouse, Jordan spoke with reporters.
“Like two competitors, obviously, we’re trying to get as much done in each other’s favor,” he said of the negotiations. “But I think, collectively, and I don’t think Jim was any opposite of me, was the fans (have) always been the best solution to this whole process and to the sport itself. And I’ve said this from Day 1: Only way this sport is going to grow is we have to find some synergy between the two entities, and I think we’ve gotten to that point. Unfortunately, it took 16 months to get here, but I think, level heads has got us to this point to where we can actually work together and grow this sport. I’m very proud about that. And I think Jim feels the same.”
Jim France speaks
France spoke right after Jordan’s comments.
“I do feel the same,” France said. “We can get back to focusing on what we really love, and that’s racing — we spent a lot of time not really focused on that as much as we need to be. So I feel like we’ve made a very good decision here together and we have a big opportunity to continue growing the sport. We’ve got Denny Hamlin getting ready to go for a championship, and we need to focus on what we all love.”
Bob Jenkins’ reaction
Jenkins, the owner of Front Row Motorsports, had a simple reply when reached for comment by The Athletic.
“We’re ready to go racing,” he said.
Judge applauds the decision
The presiding judge, Kenneth D. Bell, had warned that this trial could rip the sport. He was quick to offer praise of the agreement.
“This is going to be great for the entity NASCAR, the industry NASCAR, the teams, the drivers, and as you have so often said yourselves, ultimately the fans,” he said.
Hamlin and France share an embrace
Denny Hamlin, co-owner of 23XI Racing and driver for Joe Gibbs Racing, opened testimony last week with a charged account of how he felt Jim France, NASCAR’s chairman and CEO and co-defendant in the lawsuit, had ignored his concerns about the sport’s business model. Hamlin said he was “very, very discouraged” by a 2023 meeting between the two.
On Thursday, they hugged outside the courtroom after the news.
A frantic two hours in court
Jeff Gluck has the story of the final moments before NASCAR’s trial of the century came to a conclusion, capped by one final quip at Jeffrey Kessler, the attorney for 23XI and Front Row.
“How much longer do you need?” Bell asked. “You said an hour and now …”
“They’re literally typing a few things in (to the agreement,” Kessler said. “There are no more open items.”
“I’ll stay sitting here to motivate you,” Bell replied.