Report: NASCAR And Teams Extend Deadline on Charter Negotiations

What’s Happening?

Adam Stern of Sports Business Journal reports that NASCAR and its teams agreed to extend their charter negotiations. Stern also that the previous window closed at the end of 2023. The major sticking point remains how revenue will be split once the new TV deal takes effect in 2025.

• According to SBJ, NASCAR has most recently proposed giving teams 45% of the TV rights revenue, which is up from the previous deal. The previous deal saw NASCAR give the teams 25% of the revenue, but, SBJ also reports that other factors such as prize money raise this up to about 39%. The teams have asked for around 45%-50% of the revenue.
• The charter negotiations have been a major sticking point throughout the last year. NASCAR’s current charter deal expires at the end of the 2024 season. The lack of a charter deal allows race teams to potentially take drastic measures such as leaving the sport entirely or forming their own competing series.
• Fans are hoping that a deal gets done. Splits in auto racing rarely end well for any of the parties involved.

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