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Jordan is no stranger to team ownership, having previously served as the majority owner of the Charlotte Hornets from 2010 to 2023, as <\/p>\n
AFROTECH<\/a><\/p>\n \u2122<\/p>\n previously reported. His interest in NASCAR was planted during his childhood in North Carolina.<\/p>\n \u201cGrowing up in North Carolina, my parents would take my brothers, sisters, and me to races, and I\u2019ve been a NASCAR fan my whole life,\u201d Jordan said in the news release. \u201cThe opportunity to own my own racing team in partnership with my friend, Denny Hamlin, and to have Bubba Wallace<\/a> driving for us, is very exciting for me. Historically, NASCAR has struggled with diversity, and there have been few Black owners.\u201d<\/p>\n Advertisement<\/p>\n Fast forward to 2025, and Jordan, who owns a 60% stake in the team, 23XI Racing, has invested<\/a> $35 million-$40 million in it, according to<\/a> CNN. The outlet reports that Jordan owns charters for three cars to race, including one purchased in 2024 for $28 million.<\/p>\n \u201cI\u2019m pretty sure they know I love to win,\u201d Jordan said, per CNN. \u201cDenny convinced me getting a third driver improved our chances to win, so I dove in.\u201d<\/p>\n Jordan is now in court \u2014 following an antitrust lawsuit filed by 23XI Racing and Front Row Motorsports \u2014 seeking to change NASCAR\u2019s business model. Currently, the company runs on a charter system where teams purchase a charter to guarantee a car\u2019s spot in each race of the season and to earn a weekly payout, with the option to renew the charter every few years, reports<\/a> The Los Angeles Times. However, the plaintiffs are requesting permanent charters and claim the current model, introduced in 2016, doesn\u2019t fairly compensate the athletes. Front Row Sports owner Bob Jenkins claimed he lost about $100 million even after securing a victory in the 2021 Daytona 500, CNN reports.<\/p>\n In 2024, NASCAR issued a 100-page renewal contract<\/a> on the charter system, which 23XI Racing and Front Row Motorsports claim violated the Sherman Antitrust Act, per <\/p>\n Advertisement<\/p>\n AFROTECH.<\/a><\/p>\n \u2122<\/p>\n 23XI Racing and Front Row Motorsports did not sign NASCAR\u2019s agreement. It was revealed that many of the teams that did sign did so because they felt there was no other option. In the lawsuit, it was described as \u201ca take-it-or-leave-it offer,\u201d according to The Los Angeles Times.<\/p>\n \u201cSomeone had to step forward and challenge the entity,\u201d Jordan told the jury on Dec. 5, per the outlet. \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 Advertisement<\/p>\n NASCAR\u2019s current revenue model requires its 36 charter teams to participate in all events. According to <\/p>\n AFROTECH,<\/p>\n \u2122<\/p>\n by competing, teams will receive payments; however, the amount depends on the team\u2019s presence and performance in the event, as well as during the most recent three seasons, and on the season-ending points fund.<\/p>\n \u201cOne, I didn\u2019t think it was economically viable. Two, it said you could not sue NASCAR, that was an antitrust violation, I felt. Three, they gave us an ultimatum I didn\u2019t think was fair to 23XI,\u201d Jordan said per The Los Angeles Times.<\/p>\n He added: \u201cI wanted a partnership, and permanent charters wasn\u2019t even a consideration. The pillars that the teams wanted, no one on the NASCAR side even negotiated or compromised. They were not even open-minded to welcome those conversations, so this is where we ended up.\u201d<\/p>\n Advertisement<\/p>\n Jordan also cited the NBA\u2019s business model, which shares half its revenue<\/a> with players.<\/p>\n \u201cThe revenue split was far less than any business I\u2019ve ever been a part of,\u201d Johnson told CNN. \u201cWe didn\u2019t think we\u2019d ever get to what basketball was getting, but we wanted to move in that direction. The thing I see in NASCAR that I think is absent is a shared responsibility of growth as well as loss.\u201d<\/p>\n NASCAR claims its business practices are not abnormal and that it increased payouts in 2025, making a case that it is not anticompetitive, the Los Angeles Times reports.<\/p>\n In the latest update from Dec. 11, a settlement between the parties has been reached, according to<\/a> NBC News. A joint statement from NASCAR, 23XI Racing, and Front Row Motorsports states the settlement \u201cdelivers long-term stability and creates the conditions for meaningful growth for all teams in a more competitive environment.\u201d<\/p>\n Advertisement<\/p>\n No further details were made available at the time.<\/p>\n The post Michael Jordan And Other Team Owners Reach Settlement With NASCAR In Federal Antitrust Lawsuit<\/a> appeared first on AfroTech<\/a>.<\/p>\n The post Michael Jordan And Other Team Owners Reach Settlement With NASCAR In Federal Antitrust Lawsuit<\/a> appeared first on AfroTech<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Michael Jordan and other team owners have officially reached a settlement with NASCAR in a federal antitrust case.…\n","protected":false},"author":2,"featured_media":342019,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[446],"tags":[2074,137839,48728,2331,49,48,11002,3932,2073,3004,634,82,95397],"class_list":["post-342018","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nascar","tag-23xi-racing","tag-afrotech","tag-antitrust-lawsuit","tag-bubba-wallace","tag-ca","tag-canada","tag-charlotte-hornets","tag-denny-hamlin","tag-front-row-motorsports","tag-michael-jordan","tag-nascar","tag-sports","tag-team-owners"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/342018","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=342018"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/342018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/342019"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=342018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=342018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=342018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\u2122\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/12\/eeba353b43456fb7006fdb06aab95c5c.jpeg\"\/)
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