Michael Jordan Testifies In NASCAR Trial: ‘I Wanted A Partnership’
23XI Racing majority owner Michael Jordan took the stand on Friday to testify during the fifth day of the antitrust trial initiated by a lawsuit filed by his team and Front Row Motorsports against NASCAR. The parties refused to sign the latest charter agreement with the series on grounds that it was using a monopolistic position to pressure teams to accept a bad deal.
The 36 charters guarantee cars a spot in each race, a revenue share, and can be bought and sold between teams, but are not permanent and can expire at the end of the seven-year contract, becoming valueless.
Jordan recounted how he has been a NASCAR fan since he was a child and was excited to get involved in the sport by collaborating with Denny Hamlin to start the team in 2020. The six-time NBA champion said that he has invested $35-$40 million of his own money into the enterprise, but that he was willing to risk it to fight for a better deal for everyone.
“One, I didn’t think it was economically viable. Two, it said you could not sue NASCAR, that was an antitrust violation, I felt. Three, they gave us an ultimatum I didn’t think was fair to 23XI,” he said under oath, according to the Associated Press.
CLICK TO BOOST AMERICAN CARS AND AND RACING IN YOUR SEARCH RESULTS
“I wanted a partnership and permanent charters wasn’t even a consideration. The pillars that the teams wanted, no one on the NASCAR side even negotiated or compromised. They were not even open-minded to welcome those conversations, so this is where we ended up.”
Jordan said he would like to see a more equitable relationship between the teams and the series, closer to the arrangement in the NBA, where he has also held ownership stakes in teams. He also doesn’t think the drivers get enough credit for what they give to the sport’s success.
CLICK TO SUBSCRIBE TO THE FREE AMERICAN CARS AND RACING NEWSLETTER FOR MORE LIKE THIS
“I never saw [NASCAR CEO] Jim France drive a car. I never saw Jim France risk his life,” Jordan said. “I’d like to give a little more credit to those who do.” France was never a NASCAR driver, but he has participated in motorsports.
Read Also: NASCAR TEAM OWNERS MICHAEL JORDAN AND RICK HENDRICK OWN THE SAME $3 MILLION CAR
Joe Gibbs Racing co-owner Heather Gibbs, who wrote NASCAR a letter urging it to make the charters permanent, said the team ultimately signed the agreement because too much had been invested to throw it all away. Her sentiment had been publicly shared by fellow signatory Richard Childress, who has not testified in court.
The trial will resume on Monday, Dec. 8 and is expected to continue for approximately 10 more days.
Follow American Cars And Racing across our social media on X, Flipboard, YouTube, Reddit, Instagram, and Facebook.