NASCAR is finalizing a new charter system agreement with Cup Series teams, aiming to secure a deal before the upcoming playoff opener in Atlanta.
NASCAR is on the verge of finalizing a new charter system agreement with its Cup Series teams, according to a report from Sports Business Journal.The racing organization aims to wrap up these negotiations before the 10-race playoffs commence, with the latest proposal having been presented to teams last week.The current charter system was introduced in 2016, but it has faced criticism for not offering permanency, thereby posing challenges for teams attempting to attract long-term investors.
'Something needs to change because if it doesn't change in my opinion in seven years when we're re-negotiating the financials of these charters, it'll come back to we're not making any money or we're losing X, Y and Z, and you'll always be chasing that,' Phelps said.'If there's more money given, typically what happens is race teams want to take every dollar and then some and spend it to go fast.'Which I get because it's a vicious cycle that exists.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NASCAR Rumor: New Charter System To Ban Sovereign Wealth FundsNASCAR is reportedly looking to ban sovereign wealth funds from the new charter system from 2025.
Read more »
Denny Hamlin Speaks Out After 23XI Racing Investor Took Sly Jab At New NASCAR Charter ClauseDenny Hamlin reacts to 23XI Racing investor's provocative statement criticizing the new NASCAR charter clause.
Read more »
NASCAR Hands L1-Level Penalties to Three NASCAR Xfinity Teams After DaytonaThe No. 27 Jordan Anderson Racing, No. 28 RSS Racing, and No. 45 Alpha Prime Racing teams were all hit with L1-level penalties by NASCAR stemming from rear-bumper violations at Daytona Interntational Speedway.
Read more »
NASCAR to Host 2024 NASCAR Awards Banquet in CharlotteFor the first time, NASCAR will host its post-season awards banquet in Charlotte, North Carolina, with the event taking place Friday, November 22,
Read more »
NASCAR Allows Teams to Add Lift System to Aid in Flat-Tire SituationsSince the adaptation of the Next Gen car in 2022, the playing field in the NASCAR Cup Series is probably as even as its ever been. However, there has been one l
Read more »
Map Shows States With the Worst School SystemsA new study determined that New Mexico has the worst school system in the U.S.
Read more »