🔗 Share this article

The basketball icon, introducing himself formally in a Charlotte court on Friday, stated that his drive to win and novelty within the sport emboldened his push for 23XI Racing to confront Nascar over perceived violations of antitrust rules.

Team Investment and a Competitive Drive

Jordan shared financial and corporate details of his racing venture, saying he put in $40 million of his own funds into the Nascar Cup series team co-founded with business partner Curtis Polk and longtime driver Denny Hamlin.

“Someone had to step forward,” Jordan said during testimony. “As a newcomer, I had no fear. I believed I could take on Nascar in its entirety. From my perspective, the sport it needed to be looked at through a new lens.”

Central Issue: Charter Agreements and Renewal Demands

The heart of the case involves the end of a 2016 deal where Nascar granted each team a “charter”. The concept is similar to other major leagues with separately owned franchises, such as the Charlotte Hornets or the NFL’s Panthers. The agreement was set to expire in 2024 when Nascar demanded charter membership renewals.

Jordan testified for an hour and exited the courthouse to a media frenzy, with onlookers and reporters vying for a view or a picture of the global icon.

Leading the Legal Charge

Jordan’s 23XI is at the forefront of the push along with another racing team for Nascar to change a business model Jordan said is unlawful to keep two hands on the wheel.

At issue for Jordan and Heather Gibbs, who testified before Jordan, are events from last September. Gibbs described a frantic and emotional period where the sanctioning body informed teams they had to sign a contract extension. The document spanned 112 pages outlining team compensation and a guaranteed entry in every race.

A Refusal to Sign

Jordan said that his team and its ally decided their sole viable path was to decline to sign that extensive document and litigate the matter. All other teams agreed to the terms.

The team owners approached Nascar about potential amendments or extension options. Nascar wasn’t talking, according to his testimony.

The Ultimate Motivation: Victory

But in the end, the resistance against what he saw as a financially unsustainable model was driven by the familiar goal for Jordan: Success.

“Denny convinced me getting a third driver boosted our odds of winning,” he said, sharing that he bought a third charter last year for $28m despite the uncertainty. “So I took the plunge.”

Heather Gibbs’ Testimony

Heather Gibbs detailed her request for permanent charters, which she said a formal letter to Nascar. She testified the timing of the contract signing demand didn’t sit well.

According to her, the team founder first attempted to call and persuade Nascar against forcing signatures, but Nascar’s leader declined the request.

“Don’t do this to us,” Heather Gibbs said Joe Gibbs told Nascar’s executives. The response was, “Whether I have 20 charters, I have 20. If there are 30, I have 30.”