Over a year after Michael Jordan filed an antitrust lawsuit against NASCAR, the case has finally been resolved.
On Thursday, both sides decided to settle, according to the Associated Press/ESPN. Ultimately, the stock car racing series will make its revenue-sharing charters permanent for all racing teams. Also, Jordan's racing teams, 23XI and Front Row Motorsports, will regain their charters after a season without them.
“Today's a good day,” Jordan said.
The terms of the settlement were not disclosed. Jordan filed suit alleging that NASCAR engaged in anticompetitive practices in its charter system. Ultimately, they were arguing for a greater share of revenue, greater say in governance, and permanent charters.
Meanwhile, the sport's Chairman Jim France and Commissioner Steve Phelps defended their stance, arguing that it was fair and helped to control costs.
“What all parties have always agreed on is a deep love for the sport and a desire to see it fulfill its full potential,” NASCAR and the plaintiffs said in a joint statement. “This is a landmark moment, one that ensures NASCAR's foundation is stronger, its future is brighter, and its possibilities are greater.”
Afterward, U.S. District Judge Kenneth Bell, who presided over the case, made a statement of his own.
“I wish we could've done this a few months ago,” Bell said in court. “I believe this is great for NASCAR. Great for the future of NASCAR. Great for the entity of NASCAR. Great for the teams and ultimately great for the fans.”
Where does NASCAR and Michael Jordan go from here?
At a time when the sport is struggling, this settlement provides some relief. Recently, NASCAR has experienced a significant decline in viewership and financial problems stemming from this lawsuit.
Now, teams can have a greater say in decision-making and do so in partnership with the higher-ups.
Plus, Jordan can continue to grow his racing team, which includes drivers Bubba Wallace and Tyler Reddick.
