NASCAR teams are currently seeking a new deal with the sanction
Years ago, NASCAR introduced the charter system. 36 were issued to teams, introducing a franchise to auto racing.
A charter guarantees 36 teams a start in every points paying race. They also receive a portion of the tv revenue. But, it’s currently only 25%.
Tracks collect 65% of that revenue. The remaining 10% goes to NASCAR.
At the end of the 2024 season, the current charter agreement between NASCAR and the teams will expire. Teams have put together a negotiating committee as they talk with NASCAR is search of a larger portion of the revenue.
Teams are also looking to make the charter system permanent. Despite a recent charter sale at an estimated $40 million, the system could go away.
Recently, teams elected to let the negotiation window expire. It’s put the sport in an interesting place.
NASCAR President says race teams are losing money
Jeff Gordon comments on NASCAR team financials
“I don’t think Hendrick Motorsports has made a profit in 10 years,” Jeff Gordon stated via the Dirty Mo Media.
“And, then you say, ‘Well, why do you do it?’ “
“Well, it’s because Rick Hendrick love the sport. He loves cars and it’s been good branding, you know.”
“But, if we didn’t have all the B2B, and we’re one of the few teams out there, very fortunate to be able to have the B2B to tie Hendrick Automotive Group and Hendrick Motorsports together and bring these sponsors in.”
“I don’t know where that would put us if we didn’t have that. And, there’s a lot of teams out there and that’s where this negotiating committee has come along. We gotta look and think about all the teams.”
“It’s not just about Hendrick, it’s not just about the big teams. It’s every team.”
“And, there’s a lot of teams struggling.”
Recent rumors suggest the team negotiating committee has hired an antitrust lawyer.
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Jeff Gordon added, “What is the leverage?”
“The leverage is right now, we don’t have a charter agreement that guarantees that the teams have to show up at the race tracks.”
“I think we’re going to get a deal done. The dialog and conversations have been good. It’s just, what are we going to have to go through in order to get there?”
“I don’t want to get too much into the rest of the details because I’m optimistic. I’m just also very frustrated that — we tried to get this thing done over the last 2 years before the TV deal.”
The Daytona 500 is scheduled for today. Rain has pushed NASCAR’s biggest race to a Monday afternoon showing.
Daytona 500 Starting Lineup, TV Schedule: February 2024 (NASCAR)
