Summary
Michael Jordan testified in a NASCAR antitrust case, expressing that he felt compelled to challenge NASCAR's business model. As co-owner of the 23XI team, Jordan argued that the current system unfairly impacts teams and drivers. The lawsuit was filed by 23XI and Front Row Motorsports after they refused to sign a controversial charter agreement.
Key Facts
- Michael Jordan, co-owner of 23XI, testified in a NASCAR antitrust trial.
- Jordan claims the current NASCAR business model undermines teams and drivers.
- 23XI and Front Row Motorsports are suing NASCAR over a charter agreement.
- NASCAR's charter system guarantees race spots and payouts to teams.
- The two teams refused to sign an extension they deemed unfair.
- Jordan has invested $35 million to $40 million in the 23XI team.
- NASCAR's revenue sharing is less generous than that of the NBA.
- Jordan highlights a lack of willingness from NASCAR to discuss system changes.
