The basketball icon, introducing himself formally in a federal courtroom on Friday, admitted that his drive to win and novelty within the sport emboldened his effort with 23XI Racing to confront Nascar over perceived violations of antitrust rules.
Jordan shared financial and corporate details of his 23XI team, saying he invested $40 million of his personal wealth into the Nascar Cup series team co-founded with business partner Curtis 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 it needed to be looked at from a different view.”
The heart of the case involves the end of a 2016 agreement where Nascar granted each team a franchise. This system mirrors other major leagues with independent franchises, such as the NBA’s Hornets or the Carolina Panthers. The agreement was due to end in 2024 when Nascar insisted on charter membership renewals.
Jordan testified for about sixty minutes and exited the courthouse to pandemonium, with fans and media vying for a glimpse or a photo of the sports legend.
23XI Racing is leading the full-court press along with another racing team for Nascar to overhaul a business model Jordan said is breaking the law to maintain excessive control.
For Jordan and and a fellow team representative, who testified before Jordan, are details from last September. She recounted a frantic and emotional period where the racing circuit told teams they must sign a charter agreement extension. The document spanned 112 pages detailing team compensation and a guaranteed spot in Nascar-sponsored races.
Jordan explained that 23XI and Front Row Motorsports concluded their only feasible option was to refuse a signature that 112-page package and take the issue to court. The other 13 organizations agreed to the terms.
The team owners reached out to Nascar about potential amendments or negotiations. Nascar wasn’t talking, according to his testimony.
Ultimately, the resistance against what he saw as a financially unsustainable model was mostly about 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 $28 million despite the uncertainty. “So I dove in.”
Gibbs described her request for permanent charters, which she said a formal letter to Nascar. She testified the pressure of the contract signing demand didn’t sit well.
She said, Joe Gibbs first attempted to call and talk Nascar out of forcing signatures, but CEO Jim France declined the request.
“Don’t do this to us,” Gibbs recounted Joe Gibbs told Nascar’s leadership. The response was, “Whether I have 20 charters, that’s what I have. If there are 30, I have 30.”
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