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4w ago

Michael Jordan’s 23XI Racing Escalates Antitrust Case Against NASCAR

The legal battle intensifies as 23XI Racing and Front Row Motorsports pursue financial disclosures from Liberty Media and major sports leagues to challenge NASCAR’s charter system.

Co-owners of 23XI Racing, Denny Hamlin, driver of the #11 FedEx One Rate Toyota, and NBA Hall of Famer, Michael Jordan talk on the grid after the NASCAR Cup Series YellaWood 500 at Talladega Superspeedway on October 06, 2024 in Talladega, Alabama.

Overview

  • 23XI Racing and Front Row Motorsports have filed motions to compel Liberty Media, Formula 1's parent company, to disclose financial data to support their antitrust lawsuit against NASCAR.
  • The lawsuit alleges that NASCAR’s charter system, controlled by the France family, creates a monopolistic environment that limits team independence and financial fairness.
  • Efforts to subpoena financial information from other sports leagues, including the NFL, NBA, and NHL, have faced significant resistance, with the NFL rejecting the request as overly intrusive.
  • The teams argue that comparing NASCAR’s financial structure with Formula 1’s revenue-sharing and cost cap model will highlight inequities and support a call for reform in American motorsports.
  • NASCAR has filed an injunction to defend its charter system and criticized prior judicial decisions, claiming they unfairly favored 23XI Racing and Front Row Motorsports.