NASCAR is facing a federal antitrust lawsuit from two of its teams, including one co-owned by Michael Jordan. The suit seeks unspecified damages and says the charter system limits competition by unfairly binding the teams to the stock car series. NASCAR gave teams a take-it-or-leave-it offer last month and only 13 teams signed.
FILE - 23XI Racing co-owner Michael Jordan stands in the pit area during a NASCAR Cup Series auto race at Talladega Superspeedway, Sunday, April 21, 2024, in Talladega. Ala. American former professional basketball player Michael Jordan , center, gestures as he attends the Champions League opening phase soccer match between Monaco and Barcelona at the Louis II stadium, in Monaco, Monaco, Thursday, Sept. 19, 2024.
NASCAR in early September presented its final offer on what is essentially a revenue sharing model; 13 organizations signed, with most saying they did so under duress or felt threatened into doing so..
One of the departing teams was Furniture Row Motorsports, which sold its charter for $6 million at the end of the 2018 season — a year removed from winning the Cup Series championship — proof, the plaintiffs say, that the charters left the teams without a path to profitability. With four sons and a desire to leave something for his family to run, Jenkins said he wants a fair agreement.
“Faced with a take-it-or-leave-it offer, and no competing opportunity for premier stock car racing in the United States, most of the teams concluded that they had to sign,” the lawsuit states. “One team described its signing as ‘coerced,’ and another said it was ‘under duress.’
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