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Recently, NASCAR rolled out a proposal for the latest charter agreement. According to reports, NASCAR would go ahead with the new seven-year offer rather than making the charter permanent for the teams.
The exclusive charter negotiation window for extending the charter deal expired in January, and the negotiations were stalled for several months. Moreover, the current charter deal is set to expire at the end of the 2024 season. According to reports, the Cup teams want the extra media revenue from the new $1.1 billion annual media-rights deal, which will run from 2025 to 2031, locked in permanently along with the charter system.
According to Fox Sports' Bob Pockrass, NASCAR's proposal for the Cup Series team did not include permanent charters. He took to X (formerly Twitter) to provide the update.
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"Cup teams got NASCAR’s latest charter agreement proposal yesterday. From what I can gather from variety of team principals, permanent charters were not part of the offer but the new charter agreement potentially could go beyond the current TV deal that ends in 2031," he wrote.
In 2016, NASCAR executives and team owners introduced the owner-charter agreement. The officials gave the teams 36 charters after reviewing each team's performance and consistent participation over the previous three years. As a result, the teams were guaranteed a place in the Cup race, which awards points, and prize money based on the team's performance each weekend.
According to Sportico.com. the team owners are now putting pressure on NASCAR to double its current payout of $8–9 million annually, following the announcement of a new seven-year media rights deal.
A brief look into NASCAR'S seven-year media rights deal
NASCAR recently revealed a $7.7 billion media rights agreement that will run from 2025 to 2031.
The $820 million annual contract that is currently in place with FOX and NBC is scheduled to expire at the end of 2024. In the new agreement, the sport would be covered by the current broadcast partners as well as Warner Bros. Discovery and Amazon.
From 2025 onwards, the 38 Cup Series races will be split amongst the four broadcasting partners. The first and last 14 races of the season will be streamed on FOX and NBC, respectively. Meanwhile, Warner Bros. and Amazon, the two new partners, will stream five midseason races each.
