"CHARLOTTE, N.C. -- The federal antitrust trial against NASCAR opened Monday with the star power of Michael Jordan on hand as a jury of nine was seated to hear allegations that the stock car series is a monopolistic bully that leaves its teams no option but to comply with rules and financing they don't agree with. The retired NBA Hall of Famer is the co-owner of the 23XI Racing team at the top Cup Series level."
"The stakes are huge: The charters are at the heart of NASCAR's business model - they guarantee a car a spot in the field each race week as well as a percentage of the purse - and the disputes over how they work have dominated the series of late. A loss for the two teams could oust them from the series while a loss for NASCAR could mean a fundamental restructuring of how the series operates."
A federal antitrust trial against NASCAR opened in Charlotte with Michael Jordan present as a jury of nine was seated to hear claims that NASCAR uses its charter system to force teams to accept rules and financing. 23XI Racing and Front Row Motorsports sued after refusing to sign extension agreements on new charters. Charters guarantee race entry and revenue shares and form the core of NASCAR's business model. The case risks ejecting teams or prompting fundamental restructuring of the series. U.S. District Judge Kenneth Bell presided, ordered co-owner Denny Hamlin and Curtis Polk sequestered after openings, and set a roughly two-week trial.
Read at ABC7 Los Angeles
Unable to calculate read time
Collection
[
|
...
]