$200M worth Jeff Gordon gives insight into HMS' stance with NASCAR in charter negotiations

Only two teams are yet to sign NASCAR's newest charter agreement. The two teams, i.e., 23XI Racing and Front Row Motorsports, have certain issues with the terms of the deal and have notified the same to NASCAR.

However, Jeff Gordon, the Vice Chairman for Hendrick Motorsports and a member of the negotiating body said that NASCAR has done the best it could do to accommodate the interests of the chartered teams. Gordon is a former driver and a four-time NASCAR Cup Series champion. As per Celebrity Net Worth, he is worth $200 million.

Per AP News, Gordon said that the teams were never going to get a better offer than that.

AP News also stated that the teams have four wants: a bigger share of the annual revenue, a say in NASCAR's governance issues, maintaining a traditional relationship with the drivers while holding the rights of their intellectual property, and finally, the permanence of the charter system.

Currently, there are 36 charters in the arena of NASCAR. Obtaining a charter ensures a guaranteed spot in all races throughout the season, besides an increased share of the revenue (depending on the charter value) earned from NASCAR's media deal.

NASCAR's latest media deal with Fox, NBC, Amazon, and Warner Bros is valued at $7.7 billion and will come into effect from 2025 through 2031. Reports suggest that the new deal could reflect a nearly 40 percent increase over what NASCAR makes from its current media deal.

Although the terms of NASCAR's new agreement have not been disclosed, several team owners like Bob Jenkins of Front Row Motorsports said,

"I know a lot of people were uncomfortable but felt like they had to (sign)"

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Michael Jordan's confidant reflects on 23XI Racing's grievance against NASCAR

NBA Star Michael Jordan's business manager, Curtis Polk, spoke to FOX Sports on the pressing issue. Jordan co-owns 23XI Racing alongside Joe Gibbs Racing driver, Denny Hamlin.

"NASCAR has consistently refused to deal with 23XI in these negotiations," Polk said. "We are David facing Goliath, NASCAR has superior bargaining power and undue influence over the sport and the charter process."

"They wielded this power continuously over the past few months and consistently rejecting broad team requests on major issues while providing minor changes for pet issues that some teams requested in 1-on-1 meetings," he added.

23XI Racing had earlier consulted Jeffrey Kessler, partner and co-executive chair of Winston & Strawn LLP, also one of the country's top anti-trust and sports lawyers. However, Polk did not reveal whether 23XI Racing was planning on taking legal action against NASCAR.

NASCAR's President Steve Phelps has denied making any comments. Fans might now speculate about an anti-trust lawsuit against NASCAR. However, both teams have been planning on expanding their respective rosters, for which they will need to sign the charter agreement. Given the current circumstances, one can only wonder what lies ahead of the teams amid the postseason.