NASCAR charter values have surged sharply in recent years, with filings linked to 23XI Racing—co-owned by Michael Jordan and Denny Hamlin—revealing heavy spending in the marketplace. The team paid over six times more for a charter purchased in 2024 compared to their initial purchase in 2020.
A new expert report and court documents outline multiple charter purchases and sales from 2016 through 2024. The data shows that NASCAR Cup Series charters, which once sold for just a few million dollars, now trade for $25 million or more.
Fox Sports’ Bob Pockrass shared figures from one of the expert reports on X. According to his tweet, 23XI Racing, which fields two full-time and one part-time entries in the series, bought its first charter for $4.7 million in 2020 and its second for $13.5 million. By last year, the cost for its latest charter purchase had skyrocketed to $28 million.
Pockrass also detailed the spending of Bob Jenkins’ Front Row Motorsports (FRM), another team involved in an antitrust lawsuit filed against NASCAR in October of last year. Both 23XI and FRM refused to sign the new charter agreement, resulting in the loss of their charter status earlier this year. Since then, they have competed as “open teams,” which means they have significantly less guaranteed income per race compared to chartered teams.
FRM additionally bought a charter in 2024 for $29 million—more than four times the $7 million price for the charter they sold in 2020.
Negotiations for an out-of-court settlement between Michael Jordan and Denny Hamlin’s 23XI Racing, Bob Jenkins’ FRM, and NASCAR collapsed over disagreements about who would cover legal and operating costs. Both teams have indicated combined expenses around $100 million, linked to lost charter revenue and ongoing litigation. They have also requested that NASCAR compensate them for lost earnings while competing as open teams.
**Can Michael Jordan’s and Bob Jenkins’ Teams Reach a Settlement Before the December 1 Trial?**
Earlier this week, U.S. District Judge Kenneth D. Bell dismissed NASCAR’s countersuit against 23XI Racing and Front Row Motorsports. The judge ruled that NASCAR failed to demonstrate an unreasonable restraint of trade or that it suffered antitrust harm.
Following the dismissal, NASCAR hinted that it is pursuing a settlement before the final race of the 2025 Cup Series season, scheduled for this Sunday.
As part of the settlement talks earlier this month, NASCAR agreed to grant teams more flexibility and leverage when negotiating charter agreements. The organization also committed to continuing the charter system beyond 2031, when the current seven-year agreement is set to expire.
Furthermore, NASCAR agreed to return six charters to 23XI Racing and Front Row Motorsports. Based on recent sales, these charters could be valued at up to $300 million.
Meanwhile, the jury trial for the case is scheduled to begin on December 1, where both sides will present their antitrust arguments concerning NASCAR’s charter system.
https://www.sportskeeda.com/nascar/news-nascar-charter-value-jumps-6x-4-years-report-reveals-michael-jordan-s-23xi-spending
