Michael Jordan’s 23XI vs NASCAR: The Complete Timeline
What’s Happening? The 23XI Racing and Front Row Motorsports lawsuit will continue for some time. However, many developments will occur along…
On the latest episode of the Dale Jr Download, a NASCAR insider revealed that Jimmie Johnson’s Legacy Motor Club agreed to pay a record-breaking $45 million for Rick Ware Racing’s Charter. A Charter which is now the focal point of the two teams’ ongoing lawsuit.
On the Apr. 8 episode of the Dale Jr. Download, Dale Earnhardt Jr.’s guest host, Jordan Bianchi of the Athletic, revealed LMC’s agreement to purchase this NASCAR Charter is a record-high $45 million. This price breaks Spire Motorsports’ $40 million Charter purchase from Live Fast Motorsports in 2023.
This price is a significant rise from the fire-sale at Stewart-Haas Racing last season, in which the team sold Charters in the “mid-$20 million range.” According to Bianchi, this number will likely go up. “Now, 45, it seems like that’s gonna be the new floor,” Bianchi said. “If you want a charter in this game, you’re gonna have to pay probably more than that.”
LMC was rumored to be a potential buyer for a Stewart-Haas Racing Charter in 2024; however, they may have been able to buy one from Ware thanks to their recent financial backing from investment firm Knighthead Capital.
The two teams involved in this sale and active lawsuit are Rick Ware Racing, the current owner of the Charter, and Legacy Motor Club, who claims that RWR “wants to back out” of the deal. According to multiple reports, RWR claims they were under the impression the sale would be for 2027, while LMC claims 2026.
Teams are allowed to own a maximum of three Charters. LMC would own three with the acquisition of an RWR Charter. Charter-owning teams can sell or lease Charters as an added value to their teams.
This high price follows an ongoing lawsuit between NASCAR and two Charter-owning teams, 23XI Racing and Front Row Motorsports. Despite claims that NASCAR will eliminate the Charter system should they lose this lawsuit, prices keep going up.
What’s Happening? The 23XI Racing and Front Row Motorsports lawsuit will continue for some time. However, many developments will occur along…
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