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Credit: NASCAR via Getty Images\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\t\t\t\t\tCredit: NASCAR via Getty Images\t\t\t\t\t\t\t\t<\/p>\n
Longtime NASCAR team owner and engine builder Richard Childress took the stand during NASCAR\u2019s antitrust trial<\/a> in Charlotte on Tuesday.<\/p>\n Childress<\/a>, who had previously said he \u201cdidn\u2019t have a choice\u201d to sign the latest charter agreement that is at the heart of the lawsuit brought by 23XI Racing and Front Row Motorsports because \u201cI have over 400 employees, OEM in contracts, contracts with sponsors, and I have to take care of my team.\u201d<\/p>\n Childress testified that his engine building and military parts business help fund the NASCAR racing operation and that the current charter agreement doesn\u2019t provide enough revenue or value.<\/p>\n \u201cI would be broke if I was just doing the Cup teams,\u201d Childress said. Childress said, according to Fox Sports<\/a>.<\/p>\n SUBSCRIBE TO THE FREE AMERICAN CARS AND RACING NEWSLETTER FOR THE LATEST NASCAR UPDATES<\/a><\/p>\n NASCAR first issued the 36 charters for free in 2016, but they can be leased or sold to other teams and are reportedly now worth upwards of $45 million. They guarantee a spot in each race and a share of NASCAR revenue.<\/p>\n Teams were seeking a guarantee of $20 million per charter in the latest negotiations, which they say would cover operating expenses for each car entry, but ended up with $12 million. They also wanted the charters to be permanent rather than only good for the seven years that the new contract covered.<\/p>\n NASCAR Commissioner Steve Phelps testified on Tuesday that NASCAR would go \u201cbankrupt\u201d if it had offered the higher amount.<\/p>\n