Michael Jordan is known as one of the most iconic and greatest basketball players in NBA history, having won six NBA championships, two Olympic gold medals, and five MVP titles and three All-Star MVPs.
The successful NBA player has a net worth of around $3.5 billion, making him one of the wealthiest former athletes in the world.
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In 2023, selling his ownership stake in the NBA’s Charlotte Hornets franchise, Jordan decided to invest in some of his biggest passions, including marketing, public relations, philanthropic activities, and, of course, sports.
The NASCAR Cup Series GEICO 500 on April 21, 2024 at Talladega SuperSpeedway in Talladega, AL.
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Michael Jordan pursues his passion for sports by investing in motorsports
Like any retired athlete, Jordan is very passionate about sports, so he chose to include NASCAR in his multiple investments.
The National Association for Stock Car Auto Racing, popularly known as NASCAR, is one of the top motorsports organizations in the world and among the largest spectator sports leagues in the U.S.
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In 2020, Jordan co-founded the auto racing team 23XI alongside his business partner Bob Jenkins and race car driver Denny Hamlin in hopes of creating a team that was as successful as he was in his basketball career.
Harsh actions are taken against NASCAR after a troublesome disagreement couldn’t be resolved
When 23XI became a member of NASCAR, the team’s co-founders signed an agreement with terms and conditions that had been set in place since 2016.
However, over two years ago, NASCAR decided to update its agreements for the 2025 season, which 23XI refused to sign because it disagreed with the unfair terms and conditions the team would be tied to.
The racing team Front Row Motorsports, which has been involved in NASCAR since 2005, also refused to sign the new agreements due to the same conflicts as 23XI.
Since an agreement couldn’t be reached after over two years of trying, both teams concluded that filing a lawsuit would be the only way to end NASCAR’s anti-competitive practices.
23XI and Front Row Motorsports file a lawsuit against NASCAR and its CEO
On Wednesday, Jordan’s racing team, 23XI, and Front Row Motorsports announced they had filed a joint lawsuit in the U.S. District Court in Charlotte, North Carolina, against NASCAR and its CEO, Jim France, for antitrust violations.
“We share a passion for racing, the thrill of competition, and winning. Off the racetrack, we share a belief that change is necessary for the sport we love. Together, we brought this antitrust case so that racing can thrive and become a more competitive and fair sport in ways that will benefit teams, drivers, sponsors, and, most importantly, fans,” said 23XI Racing and Front Row Motorsports in a joint statement.
Jordan, his team, and the organization argue that NASCAR has been monopolizing auto racing sports for years, using anti-competitive practices to prevent fair competition.
The plaintiffs claim that NASCAR is the only major professional sport in the U.S. run by a single family that further enriches itself by acquiring related and rival companies to eliminate any competition.
According to the lawsuit, the Plaintiffs maintain that the defendants:
Bought a majority of the premier racetracks that are exclusive to NASCAR races, imposing exclusivity deals on NASCAR-sanctioned racetracks.Acquired Automobile Racing Club of America (ARCA), the only notable stock car racing series competitor.Prevented teams from participating in any other stock car races.Retained ownership over Next Gen parts and cars, forcing teams to buy their parts from single-source suppliers NASCAR chose.
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Lawsuits tend to take some time to reach a verdict, so while the case proceeds, 23XI and Front Row Motorsports will file a preliminary injunction that would allow them to race in the next calendar year.
The teams will also seek damages for the anti-competitive terms they have been subjected to since signing their last agreements.
“Everyone knows that I have always been a fierce competitor, and that will to win is what drives me and the entire 23XI team each and every week out on the track. I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair…” said co-owner Michael Jordan in a statement.
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