One of the greatest NBA players of all time and 23XI Racing co-owner, Michael Jordan, came to a settlement in his very public antitrust lawsuit against NASCAR, thus closing the legal fight, which was the main cause of a big shake-up in the sport.
After the controversial new charter agreement was introduced by NASCAR, 23XI Racing and Front Row Motorsports, the only two teams, decided not to sign it. They filed a lawsuit in which they charged that NASCAR and CEO Jim France limited competition, operated without transparency, and maintained control structures that benefited the organisation financially while teams, drivers, sponsors, and fans suffered.
Both sides reached a settlement as confirmed in their joint statement on Thursday. The organization will be issuing the changes to the current charters, but the financial aspect of the deal is kept confidential.
Jordan stated that the lawsuit was only about the need for change and a better future for everyone involved in the sport. “With a foundation to build equity… and a stronger voice in the decisions ahead, we now have the chance to grow together,” he said.
NASCAR CEO Jim France was delighted with the settlement, stating that it consolidates the charter system established in 2016 and contributes to the safety of the sport’s future in the long run.
