🔗 Share this article

Michael Jeffrey Jordan, 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.

Financial Stakes and a Will to Win

Jordan shared operational insights of his 23XI team, revealing he invested $40m 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 said during testimony. “I was a new person, I had no fear. I believed I could take on Nascar as a whole. I felt as far as the sport required examination through a new lens.”

Central Issue: Charter Agreements and Contract Pressure

At issue is the end of a 2016 agreement where Nascar granted each team a “charter”. The concept is similar to other major leagues with separately owned franchises, such as the Charlotte Hornets or the Carolina Panthers. This deal was due to end in 2024 when Nascar insisted on charter membership renewals.

Jordan testified for about sixty minutes and exited the courthouse to a media frenzy, with fans and media vying for a view or a photo of the sports legend.

Leading the Legal Charge

23XI Racing is at the forefront of the push along with another racing team for Nascar to overhaul a business model Jordan said is breaking the law to keep two hands on the wheel.

For Jordan and and a fellow team representative, who testified before Jordan, are details from September 2024. Gibbs described a frantic and emotional six hours where the racing circuit told teams they had to sign a charter agreement extension. This agreement consists of over a hundred pages outlining team compensation and a guaranteed entry in Nascar-sponsored races.

A Refusal to Sign

Jordan said that his team and its ally concluded their sole viable path was to refuse a signature that extensive document and litigate the matter. All other teams signed the agreement.

The team owners approached Nascar about possible changes or negotiations. Nascar refused to engage, according to his testimony.

The Ultimate Motivation: Victory

Ultimately, the pushback against what he saw as a financially unsustainable model was mostly about the familiar goal for Jordan: Winning.

“Hamlin persuaded me adding a third car improved our chances to win,” he testified, noting that he bought a third charter late in 2024 for $28m despite the uncertainty. “So I took the plunge.”

Account from the Gibbs Family

Gibbs described her request for permanent charters, which she said a formal letter to Nascar. She testified the timing of the signature deadline was problematic.

According to her, the team founder first attempted to call and talk Nascar out of demanding signatures, but Nascar’s leader refused the appeal.

“Please don’t force this on us,” Gibbs recounted was the message to Nascar’s leadership. The response was, “If I wake up and I have 20 charters, that’s what I have. If there are 30, I have 30.”