US EditionJordan, Hamlin's 23XI Racing aims for motorsports dominance
Settlement grants permanent charters to NASCAR teams, boosting team valuation by about $60 million per car and increasing guaranteed payments to all teams, including non-plaintiffs.
- 23XI Racing, co-owned by Michael Jordan and Denny Hamlin, settled the lawsuit on the ninth day of the trial, moving teams to permanent charters.
- Plaintiffs 23XI Racing and Front Row Motorsports sued after refusing to sign time-limited charters, alleging NASCAR controlled venues and Next Gen technology to limit competition.
- Trial testimony on days six and seven showed an expert calculated damages of $364.7 million and noted trebled damages and legal fees could exceed $1 billion.
- As a result, NASCAR agreed to increase guaranteed payments to cars, though levels were not disclosed, and most benefits from permanent charters go to non-plaintiff team owners, with a $60 million per car estimate.
- Jordan and Hamlin insulated staff by guaranteeing pay through 2026, and time-limited charters previously hampered sponsorship and driver recruitment, issues the settlement aims to address.
23 Articles
23 Articles
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A lawsuit charging NASCAR with anticompetitive practices led to a settlement that changed the structure of stock car racing. Yale SOM’s Ted Snyder, an economist and antitrust expert, describes his experience testifying in the case brought by team owners, including Jordan.
Michael Jordan’s 23XI Racing surges to top of NASCAR standings
On a wall inside Airspeed, the sleek North Carolina headquarters of 23XI Racing, a bold statement captures the team’s ambition: to become the most recognizable motorsports outfit in the world, winning on and off the track and setting the standard for excellence.It is not just corporate language. A few weeks into the new NASCAR season, 23XI is backing it up.Tyler Reddick opened the year with a win at the Daytona 500, then followed it up with anot…
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