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Michael Jordan and Denny Hamlin Named Among NASCAR Titans due to Legal Showdown

Redação by Redação
December 1, 2024
in Motorsports
Reading Time: 4 mins read
0
Michael Jordan and Denny Hamlin Named Among NASCAR Titans due to Legal Showdown

Jun 24, 2023; Nashville, Tennessee, USA; Team 23XI owner Michael Jordan talks with NASCAR Cup Series driver Denny Hamlin (11) after his first qualifying run for the Ally 400 at Nashville Superspeedway. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports

Speedway Motorsports Inc. (SMI) CEO shocked many in the NASCAR world when he referred to Michael Jordan and Denny Hamlin, co-owners of the upstart 23XI Racing team, as “titans of industry and sports entertainment.” This bold endorsement places the relatively new 23XI Racing alongside legacy juggernauts like Hendrick Motorsports, Joe Gibbs Racing, and Penske Motorsports—highlighting the growing influence of the team and its high-profile owners.


23XI Racing’s Meteoric Rise

SMI, a cornerstone of NASCAR for over half a century, owns and operates 11 premier tracks and hosts key race weekends, making it one of the sport’s most significant business partners. In an interview with Business North Carolina, SMI CEO cited Jordan and Hamlin as transformative figures in NASCAR, despite their team being only four years old.

“Rick Hendrick with Hendrick Motorsports, Joe Gibbs Racing, Michael Jordan and Denny Hamlin with 23XI [Racing], Roger Penske with Penske Motorsports—they are the titans of industry and sports entertainment that have NASCAR teams,” the CEO declared.

The acknowledgment is remarkable, especially given 23XI Racing’s ongoing class-action lawsuit against NASCAR, alleging monopolistic practices. With the legal battle expected to drag on for years, the SMI CEO’s praise could influence how NASCAR’s leadership evaluates its approach toward emerging teams like 23XI.


23XI Racing’s Impact on NASCAR

Founded in 2020, 23XI Racing has already left an indelible mark on the sport. Backed by the star power of Michael Jordan and the racing acumen of Denny Hamlin, the team has become a cultural and competitive force. The recognition from SMI highlights the rapid ascension of 23XI Racing as a legitimate player in a landscape historically dominated by long-established teams.

The team’s lawsuit against NASCAR centers on issues of fair competition and revenue distribution, adding layers of complexity to its relationship with the sport’s governing body. The endorsement from SMI, a major NASCAR partner, subtly underscores 23XI’s influence and the changing dynamics within NASCAR’s business ecosystem.


SMI’s Dominance and Business Model

As one of NASCAR’s oldest and most influential partners, SMI plays a vital role in shaping the sport’s future. The company generates significant revenue from track operations, concessions, merchandising, and broadcast rights. The SMI CEO elaborated on their business model, emphasizing the multifaceted approach that drives profitability:

“Running the concession stands, parking, selling paraphernalia and T-shirts are major revenue sources. There are also TV broadcast rights. Like any major sporting event, there’s a sharing formula between the athletes and the owners.”

SMI’s control over 11 tracks ensures it remains a key player in NASCAR’s operations, even as tensions between teams and the sport’s governing body simmer over revenue-sharing disputes.


The Legal Context: NASCAR vs. 23XI Racing

The ongoing lawsuit filed by 23XI Racing against NASCAR alleges monopolistic practices, reflecting deeper frustrations among teams over financial inequities. While 23XI Racing’s willingness to challenge NASCAR in court speaks to its ambition, the praise from SMI underscores the team’s legitimacy and potential to reshape the sport’s power structure.

For NASCAR, the SMI CEO’s comments may serve as a wake-up call. Recognizing Jordan and Hamlin as titans alongside Hendrick, Gibbs, and Penske underscores the need for the sport to evolve and embrace newer entrants while maintaining its storied traditions.


Conclusion: A New Era for NASCAR?

Michael Jordan and Denny Hamlin’s 23XI Racing has undeniably disrupted the status quo in NASCAR, earning recognition from one of the sport’s most influential partners. The team’s rise, coupled with its legal battle against NASCAR, highlights the shifting dynamics in a sport that has long been dominated by legacy players.

As NASCAR grapples with challenges surrounding revenue sharing, competition, and modernization, the spotlight on 23XI Racing could mark the beginning of a new era—one where fresh voices and bold ambitions play a more prominent role in shaping the future of the sport.

For now, 23XI Racing continues to carve its place among NASCAR’s elite, with the backing of names like Michael Jordan ensuring its journey will be closely watched by fans, teams, and stakeholders alike.

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