Basketball legend Michael Jordan, who co-owns 23XI Racing, is unhappy with NASCAR’s proposed charter agreement and has not signed the requisite documents approved by other teams.
Jordan, who has become more involved in the business of NASCAR, released a statement on Saturday outlining his team’s position on the proposed charter agreement.
“We notified NASCAR what issues needed to be addressed, in writing, at the deadline. We are interested in engaging in constructive discussions with NASCAR to address these issues and move forward in a way that comes to a fair resolution while strengthening the sport we all love.”
There are 36 charter teams —the sports’ version of a franchise—in the NASCAR Cup, and the covenant guarantees that a team will have a starting spot in each of the 36-point races. In addition, the charter supplies the payments for entering a race, the teams’ performance, and their place in the final standings.
Charter teams must meet a minimum performance standard. NASCAR reserves the right to revoke a charter if the team finishes in the bottom three of the standings for three consecutive years.
The charter agreement is scheduled to end after this NASCAR season and negotiations have been ongoing for the past two years.
NASCAR teams want a bigger share of the revenue. They also want more leverage on how they can impact potential rule changes. There is a backlash on a new non-disparagement clause inserted in recent drafts of the proposal, and some of the teams want better intellectual property rights.
Front Row Motorsports also has not signed the agreement, which would run from 2025 through 2031.
“I honestly don’t understand what the motives are because we felt like we could grow this sport together. And really, when you look at it, you know, 23XI and Front Row Motorsports, we’re probably two of the more bullish teams in the garage as far as wanting to expand and buy another charter and grow,” he said.
“There’s nothing about the sport that we don’t like that I don’t want to be a part of. It’s just we just need a contract that works for everybody because that’s ultimately how the sport is going to succeed, and we need to figure a way to make the sport bigger, not keep it small and not keep the teams where they are powerless.”
Jordan co-owns the 23XI team with Joe Gibbs Racing driver and three-time Daytona 500 winner Denny Hamlin.
Few professional athletes in the United States have had more success than Jordan, who has become more involved with his racing team over the past couple of seasons.
Jordan achieved worldwide fame after leading the Chicago Bulls to six NBA championships. With six Finals MVPs, five regular-season MVPs, and three All-Star MVPs, Jordan is the most decorated player in NBA history.
In addition, he is a four-time gold medalist at the 1983 Pan American Games, 1984 Summer Olympics, 1992 Tournament of the Americas, and 1992 Summer Olympics without ever losing a game on the international level.
23XI Racing represents a combination of Jordan’s iconic No. 23 jersey number, which he wore during most of his NBA career, and Hamlin’s No. 11, which he has driven his entire career in the NASCAR Cup series.
In 23XI Racing’s 2021 debut season, Bubba Wallace earned his first career win at Talladega Superspeedway. The team also earned three top 5 and three top 10 finishes. In 2022, the team expanded to two cars, with Kurt Busch driving the No. 45 Toyota.
Wallace still drives the No. 23 Toyota this year, and Tyler Reddick has taken the wheel of the No. 45. Reddick clinched the 2024 NASCAR Cup Series Regular Season Championship. Reddick earned checkered flags at Talladega Superspeedway and Michigan International Speedway. Reddick’s 11 top-5 and 18 top-10 finishes are the most in the series after 26 races in 2024.
