antitrust lawsuit against NASCAR by two of its racing teams – including one co-owned by an NBA legend Michael Jordan — was settled Thursday with the motorsports giant agreeing to give all of its teams the permanent charters they had sought.
The lawsuit was filed Oct. 2, 2024, in the Western District of North Carolina by 23XI Racing, owned by Jordan, a three-time Daytona 500 winner. Denny Hamlin and Jordan's longtime business advisor Curtis Polk, as well as Front Row Motorsports, owned by entrepreneur Bob Jenkins.
The parties failed in previous attempts to reach an agreement leading up to the trial, which stretched into its ninth day before NASCAR and the two racing teams made a surprise joint announcement. In their lawsuit, the teams called the organization and the France family, which has owned NASCAR privately since its founding in 1948, “monopoly hooligans.”
“NASCAR, 23XI Racing and Front Row Motorsports are pleased to announce a mutually agreed upon solution that provides long-term stability and sets the stage for meaningful growth for all teams in a more competitive environment,” the parties said in a statement.
“This resolution reflects our shared commitment to maintaining a fair and equitable framework for long-term participation in America's premier motorsports that supports teams, partners and stakeholders while ensuring fans have seamless access to the best racing in the world. The agreement allows all parties to move forward with a unified focus on growing stock car racing and providing exceptional competition for our fans.”
The lawsuit sought “a permanent injunction to end NASCAR's exclusionary practices and restore competition in the relevant market,” as well as a large sum to cover legal fees and financial losses.
While the terms of the settlement were not disclosed, the parties said in a statement that NASCAR agreed to “issue an amendment to existing charter holders detailing updated terms to sign, which will include the form of evergreen charters, subject to mutual agreement.”
23XI and Front Row were the only two racing teams that did not sign new charter agreements with NASCAR in September 2024. They will get their six charters back in 2026.
Jordan, Hamlin, Polk and Jenkins stood with NASCAR chairman Jim France, who was a co-defendant in the lawsuit, on the courthouse steps Thursday afternoon as the parties tried to put the bitterness of the case behind them.
“As two competitors, we obviously tried to do as much as we could to each other's advantage,” Jordan told reporters. “I've said it from day one: the only way to grow this sport is to find some synergy between the two organizations. I think we've gotten to this point, unfortunately it's taken 16 months, but I think level-headed people have brought us to the point where we can really work together and grow the sport.”
France added that now “we can get back to what we really love, which is racing, and we spent a lot of time not giving it as much attention as we needed to. I feel like we made a very good decision together and we have a great opportunity to continue to grow the sport.”
The Associated Press contributed to this report.
