Despite being the first-ever billionaire athlete, Michael Jordan’s run in NASCAR hasn’t been smooth. Currently, it is involved in a legal battle challenging the NASCAR governing body’s grip on the sport. The co-owner of 23XI Racing said, “I love the sport of racing and the passion of our fans, but the way NASCAR is run today is unfair to teams, drivers, sponsors, and fans.” Amidst the battle, MJ even did a purchase, which was $70 million worth.
The purchase of a new $70 million Gulfstream G650ER also had a custom paint job that probably cost over $500,000, as per Joe Pompliano. But as per the former race driver, the purchase is justified. Kenny Wallace, on his social media X and YouTube, uploaded a video to give a behind-the-scenes look at the MJ airplane. “When you run 39 races a year, you cannot get on commercial airplanes, it just doesn’t work that way.”
“Here’s the thing about an airplane: an airplane is a necessary evil. You can only own an airplane if you can afford it, and you know, like Michael Jordan, that guy you just go watch the movie, Michael Jordan is still making like $40-44 million a year just off of the tennis shoes that you kids buy.” The former NASCAR driver was at the hangar and got a close view of MJ’s G650ER. But the former FOX NASCAR reporter’s assessment about Jordan’s earning is off.
As per the reports, the Bulls icon signed a 5% royalty deal with Nike for every sale of Air Jordan product. The never heard before deal made MJ a lot of profit. In another report regarding the Jordan brand sale, it indicated that it was the only Nike division with a 6% sales. The overall sales figure was above the 7 billion mark, so that’s make the reported income to $350,000. Way more than the “$40-44 million” claimed by Wallace. Speaking about claims, it was NASCAR who filed one against Michael Jordan and others.
As part of the federal lawsuit filed by Jordan’s 23XI Racing and another team, Front Row Motorsports, NASCAR has now brought a counterclaim against the teams. NASCAR called the teams in the suit “an illegal cartel.” However, 23XI and Front Row attorney Jeffrey Kessler, denied any such claims to The Athletic. “A meritless distraction and a desperate attempt to shift attention away from its own unlawful, monopolistic actions.” Despite these claims, MJ and other teams are not backing down!
Michael Jordan’s 23XI Racing and Front Row Motorsports are doubling down in their lawsuit against NASCAR
The case was never easy from the beginning. Michael Jordan explained why he and his 23Xl Racing are against the new charter system. Front Row Motorsports is the only other team to has not signed the deal. It’s the deal that will help NASCAR rope in $7.7 billion from its new media rights deals. But then why is His Airness against this?
NASCAR, Motorsport, USA 4EVER 400 presented by Mobil 1 Oct 22, 2023 Homestead, Florida, USA 23XI Team co-owner Michael Jordan sits atop of the pitbox during the 4EVER 400 presented by Mobil 1 at Homestead-Miami Speedway. Homestead Homestead-Miami Speedway Florida USA, EDITORIAL USE ONLY PUBLICATIONxINxGERxSUIxAUTxONLY Copyright: xJasenxVinlovex 20231022_jfv_bv1_305
The current split for the sports media-rights revenue is roughly: Tracks: 65%, Teams: 25%, NASCAR: 10%. From the surface level, it seems NASCAR doesn’t;t have that bigger piece of the pie; therein lies the problem. The major problem is that half of the Cup Series races will run on NASCAR-owned tracks. Thus, effectively, the payment would change from 10% to 42.5% of TV money. That is why MJ, in a statement to AP, called “The France family and NASCAR are monopolistic bullies.”
The remaining thirteen organizations have signed the latest charter, but some reports suggest that it was done under duress or felt threatened into doing so. Even though there might not be much support for 23XI Racing, the Bulls icon wants to take this to court. Only time will tell which side will prevail.
The post Accused of “Illegal Cartel”, Michael Jordan’s $70-Million Purchase Is Benefitting Nascar Team Massively (Insider) appeared first on EssentiallySports.
