(The Center Square) \u2013 Permanent charters, akin to franchises in other major professional sports leagues, are being granted in settlement of a federal antitrust lawsuit between NASCAR and two racing teams.<\/p>\n
The teams suing included one partly owned by basketball Hall of Fame Michael Jordan.<\/p>\n
In the lawsuit, the racing teams called NASCAR and the France family \u201cmonopolistic bullies\u201d that forced racing teams to accept under duress a revenue sharing agreement and lack of permanent charters.<\/p>\n
The financial terms of the settlement were not released.<\/p>\n
\u201cThis resolution reflects our shared commitment to maintaining a fair and equitable framework for long-term participation in America\u2019s premier motorsport, one that supports teams, partners and stakeholders while ensuring fans enjoy uninterrupted access to the best racing in the world,\u201d NASCAR and the racing teams said in a joint statement. \u201c The agreement allows all parties to move forward with a unified focus on advancing stock car racing and delivering exceptional competition for our fans.\u201d<\/p>\n
The lawsuit was \u201cabout making progress,\u201d Jordan, co-owner of 23XI Racing team, said in a statement.<\/p>\n
\u201cIt was about making sure our sport evolves in a way that supports everyone: teams, drivers, partners, employees and fans,\u201d Jordan said. \u201cWith a foundation to build equity and invest in the future and a stronger voice in the decisions ahead, we now have the chance to grow together and make the sport even better for generations to come. I\u2019m excited to watch our teams get back on the track and compete hard in 2026.\u201d<\/p>\n
A major goal of the lawsuit was to create \u201ca more sustainable model\u201d for teams, Curtis Polk, another co-owner of 23XI Racing, said in a statement.<\/p>\n
\u201cThe result brings NASCAR and the chartered teams into better alignment and supports future growth and sustainability for all stakeholders and a better sport for the fans,\u201d Polk said.<\/p>\n
Jordan, testifying during the trial, said he had been a fan of racing since childhood \u2013 his father was a big Richard Petty fan \u2013\u00a0but felt the lawsuit was needed to stop teams from being shortchanged by NASCAR.<\/p>\n
\u201cSomeone had to step forward and challenge the entity,\u201d Jordan testified. \u201cI sat in those meetings with longtime owners who were brow-beaten for so many years trying to make change. I was a new person, I wasn\u2019t afraid. I felt I could challenge NASCAR as a whole. I felt as far as the sport, it needed to be looked at from a different view.\u201d<\/p>\n
Jim France, NASCAR CEO and chairman and grandson of founding family member Bill, said in a statement that the settlement provides, \u201cflexibility and confidence to continue delivering unforgettable racing moments for our fans.\u201d<\/p>\n
NASCAR, an acronym for the National Association for Stock Car Auto Racing, was organized in late 1947 by Bill France Sr. in Daytona Beach, with the first race in February 1948 in on the beach in Daytona. The circuit was long known as a fixture of the South until unprecedented growth in the 1980s made it national.<\/p>\n
Since the turn of the century, races have been held in Canada and Mexico.<\/p>\n","protected":false},"excerpt":{"rendered":"(The Center Square) \u2013 Permanent charters, akin to franchises in other major professional sports leagues, are being granted…\n","protected":false},"author":2,"featured_media":341880,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[446],"tags":[49,48,3673,634,41451,82],"class_list":["post-341879","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nascar","tag-ca","tag-canada","tag-general","tag-nascar","tag-north_carolina","tag-sports"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/341879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=341879"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/341879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/341880"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=341879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=341879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=341879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}