Michael Jordan settles antitrust lawsuit with NASCAR
Michael Jordan's 23XI Racing team and NASCAR settled an antitrust lawsuit, resulting in permanent charters for Cup Series teams.Summary
Michael Jordan and NASCAR have reached a settlement in a federal antitrust lawsuit filed by 23XI Racing and Front Row Motorsports. The lawsuit accused NASCAR of monopolistic practices, specifically regarding its charter system. NASCAR has agreed to make the charters – which guarantee access to races and revenue – permanent for the teams. The dispute stemmed from NASCAR’s offer in September 2024, which teams felt was a “take it or leave it” proposition and lacked key demands, including permanent charters. An economist had testified the teams were owed over $300 million in damages. Jordan stated, “Today’s a good day,” following the settlement, which occurred on the ninth day of the trial. Both NASCAR and the plaintiffs emphasized a shared desire to strengthen the sport and unlock its full potential, calling the settlement a “landmark moment.” The previous revenue-sharing agreement was considered unfair, leading to over two years of negotiations before the lawsuit was filed.
(Source：Fox News)