The basketball icon, introducing himself formally in a Charlotte court on Friday, admitted that his drive to win and novelty within the sport motivated his push for 23XI Racing to “challenge” Nascar over perceived violations of antitrust rules.
The owner disclosed financial and corporate details of his 23XI team, saying he invested $40m of his own funds into the Nascar Cup series team launched with partner Polk and longtime driver Denny Hamlin.
“Someone had to step forward,” Jordan stated in the Charlotte courtroom. “As a newcomer, I had no fear. I believed I could take on Nascar in its entirety. I felt as far as the sport required examination from a different view.”
At issue is the expiration of a 2016 deal where Nascar provided each team a franchise. This system mirrors other major leagues with independent franchises, such as the Charlotte Hornets or the NFL’s Panthers. This deal was due to end in 2024 when Nascar demanded teams renew their charters.
Jordan testified for about sixty minutes and exited the courthouse to a media frenzy, with onlookers and reporters vying for a glimpse or a picture of the sports legend.
23XI Racing is at the forefront of the push along with Front Row Motorsports for Nascar to overhaul a operating model Jordan contended is breaking the law to keep two hands on the wheel.
At issue for Jordan and a fellow team representative, who preceded Jordan, are details from September 2024. She recounted a hectic and tense six hours where the racing circuit told teams they had to sign a charter agreement extension. This agreement consists of 112 pages detailing pay for chartered teams and a guaranteed entry in Nascar-sponsored races.
Jordan explained that his team and its ally concluded their only feasible option was to decline to sign that 112-page package and litigate the matter. All other teams signed the agreement.
The team owners approached Nascar about possible changes or extension options. Nascar refused to engage, according to his testimony.
But in the end, the pushback against what he saw as a financially unsustainable model was mostly about the familiar goal for Jordan: Winning.
“Hamlin persuaded me getting a third driver boosted our odds of winning,” he testified, noting that he bought a third charter last year for $28 million despite the uncertainty. “So I dove in.”
Gibbs described her push for indefinite franchises, which she said a written letter to Nascar. She testified the timing of the signature deadline didn’t sit well.
According to her, the team founder first attempted to call and talk Nascar out of demanding signatures, but Nascar’s leader declined the request.
“Don’t do this to us,” Gibbs recounted was the message to Nascar’s executives. The response was, “Whether I have 20 charters, that’s what I have. If there are 30, I have 30.”
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