UPDATE: Multiple team owners told The Associated Press that NASCAR’s most recent proposal — delivered almost two weeks ago — was one of the worst offers yet from the stock car series sanctioning body.
Among the complaints: The France family, which owns NASCAR as a private company, still won’t budge on making the charters permanent, the series made rollbacks from previous offers and the proposal now includes a provision that would allow the France family/NASCAR to purchase charters, which are at the heart of series’ business model.
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NASCAR’s latest offer was for charters that are guaranteed for seven years, and an option for another seven years after that. It also included a cost cap and, in addition to the France family being allowed to buy charters, a provision in which NASCAR would allow private equity firms to buy into charters.
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Teams are now worried that Front Row’s announcement [to buy a third charter] is an indication some of the smaller teams are ready to take NASCAR’s offer despite an alliance that all 15 would stick together in negotiations. Yet there is no clear fallback plan.
The teams don’t want to start their own racing league, and believe NASCAR would move on without the likes of Hendrick Motorsports or Joe Gibbs Racing or Team Penske if they decided to boycott races. Such a scenario would leave it to fans to decide if the replacements — likely drivers and teams from lower-level series — provide a watchable product.
— Associated Press —
ORIGINAL POST 6-7-2024: The France family would be able to buy NASCAR charters starting in 2025 under terms of the latest charter offer to teams, despite initial questions over whether the provision would ultimately be included.
The family has owned and controlled NASCAR Holdings since the inception of the racing series in 1948 by Bill France Sr. The current version of the charter agreement, which was implemented in 2015 and expires after 2024, bars any member of the France family who has an active role in NASCAR event management from owning a stake in a charter.
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NASCAR’s offer this time is for seven years guaranteed with an option for another seven years after that, sources say.
NASCAR has also included plans for a team cost cap in the latest charter offer, as well as rules that spell out the terms under which NASCAR would allow private equity firms to buy into a charter, the sources said.
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Teams have said they were sticking together in their negotiations over the last year, but it couldn’t be ruled out whether some of the 15 chartered teams are preparing to sign NASCAR’s offer. It was unclear when NASCAR wants to have the process completed.