NASCAR Trial Day 4: NASCAR President Steve O'Donnell Testifies [Forbes]
Liberty Media Corporation - Series C Liberty Live (LLYVK)
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Source: Forbes
O'Donnell revealed during his testimony that the France Family that owns NASCAR were against any changes to a new revenue model that was sought by the teams, Jenna Fryer of the Associated Press reported. A charter is the equivalent of the franchise model used by other sports leagues, but in NASCAR it guarantees a team a spot in the field for all 38 races plus a designated percentage of revenue. NASCAR is being sued by 23XI Racing and Front Row Motorsports for anti-trust violations claiming it operates as a monopoly. Basketball Hall of Famer Michael Jordan and three-time Daytona 500 winner and NASCAR star Denny Hamlin co-owns 23XI Racing. Bob Jenkins is the owner of Front Row Motorsports. Those were the only two organizations of the 15 in NASCAR that did not sign agreements in 2024 on new charters. NASCAR Triall Details On Day 4 According to the AP report, NASCAR teams went to the sanctioning body in early 2022 asking for an improved revenue model and argued the system at the
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