Nascar Reaches Settlement in Antitrust Lawsuit with 23XI Racing and Front Row Motorsports
Nascar has settled an antitrust lawsuit brought by 23XI Racing, co-owned by Michael Jordan, and Front Row Motorsports. The settlement was reached on the ninth day of trial before U.S. District Judge Kenneth Bell, though the specific terms have not been disclosed.
The lawsuit challenged Nascar's charter system and revenue-sharing arrangements. Both 23XI and Front Row refused to sign the September 2024 charter offers, while 13 of the 15 Cup Series teams accepted them. These 112-page charter agreements guaranteed access to top Cup Series races and revenue; however, the charters were not permanent, and the two teams sought permanent charters.
During the trial, the inflexibility of the France family, Nascar's founding family, in making the charters permanent was highlighted. An economist testified that the two teams were owed over $300 million in damages. Both teams warned that a loss could have put them out of business.
Judge Bell described the settlement as beneficial for Nascar, its future, the teams involved, and the fans.
