23XI Racing claims it purposefully missed a deadline to sign NASCAR’s new charter agreement because it is still dissatisfied with the terms set forth by the series.
“23XI chose not to meet a NASCAR-imposed deadline last night to sign charter agreements for its two cars for 2025-2031.” The 23XI team’s position, as expressed in a letter to NASCAR, is that we did not have an opportunity to fairly bargain for a new charter contract,” according to a statement released on Saturday.
“We advised NASCAR of the issues that needed to be resolved in writing by the deadline. We are open in participating in productive discussions with NASCAR to address these issues and move forward in a fair manner, while enhancing the
We all enjoy sports. “At 23XI Racing, we remain committed to competing at the highest level while also standing firm in our belief that NASCAR should be governed by fair and equitable practices.”
NASCAR set a midnight Friday deadline. According to reports, 23XI Racing and Front Row Motorsports are the only two of 15 charter companies that have not signed the pact.
The current charter arrangement, which was extended in 2020, expires after this season. It coincided with the year NASCAR would finalize its next media rights agreement. NASCAR and its teams have been negotiating a new seven-year charter deal that would extend through the 2031 season.
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NASCAR introduced charters in 2016. All 36 full-time teams (representing 15 businesses) have a charter that guarantees them entrance into each Cup Series event. The charter’s worth is dependent on a guaranteed basis of purse money from each event and its performance.
Denny Hamlin, co-owner of 23XI Racing, has been the most vociferous against the new deal and NASCAR’s rejected ideas. One of the sticking areas for race teams is making the charters permanent and collecting more financial compensation from the industry’s earnings.
During NASCAR playoff media day earlier this week, Hamlin stated that the charter conversation between the teams and NASCAR had become “stagnant,” and that despite reports of a settlement being close, things were still going in the wrong direction.
“One side will have to wake up and be reasonable,” Hamlin said of an agreement being reached.
Bubba Wallace and Tyler Reddick will both compete full-time for 23XI Racing. There has been talk about adding a third car next season. Front Row Motorsports has already declared plans to expand to three charter entries next season.
“I believe I am [telling the truth] from our standpoint, but it depends on who you ask,” she stated. “There’s probably a handful of teams that are just happy to take any deal that they can get and there’s others with some business sense that say this is unreasonable.”
Hamlin had nothing to add to the situation Saturday at Atlanta Motor Speedway, referring to the statement issued. NASCAR also made no comments on the matter.
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