NASCAR teams have hired a top antitrust attorney in their revenue dispute. Here's what it means
The NASCAR season is underway, with 38 races set to determine another stock car racing champion in the 76th season of the top motorsports series in the United States
The NASCAR season is underway, with 38 races to determine another stock car racing champion in the 76th season of the top motorsports series in the United States.
There is a serious problem for NASCAR and its teams: Negotiations on a new revenue-sharing model have deteriorated. In mid-February, representatives from five teams told The Associated Press they have hired top antitrust sports attorney Jeffrey Kessler as an adviser.
The move was a power play by the 15 teams holding the 36 charters that guarantee entry into every race, a message that they won't be bullied in the negotiations. Here's what to know about this off-the-track brawl with millions at stake:
The charters are the equivalent of having a franchise within NASCAR, but they aren't permanent and can be revoked by the series. Their value is set by the current market rate, but the details are not disclosed. A charter purchased by Spire Motorsports last year was sold by Live Fast Motorsports reportedly for $40 million — an enormous jump from the $6 million Spire spent in 2018 when it became the first team to buy a charter from another team.
NASCAR determined which teams received charters in 2016. There are four charters that have not been offered for sale and are on hold by NASCAR for use if a fourth manufacturer enters the Cup Series.
The current agreement expires at the end of this season and teams have been trying for two years to get a better deal from NASCAR, including making the charters permanent.
NASCAR claimed it needed to first complete a new media rights package, and a new $7.7 billion
Read more on abcnews.go.com
