NASCAR News: Cup Teams extend charter negotiations

According to Adam Stern of Sports Business Journal, NASCAR and its premier series teams have agreed to extend their charter renewal negotiations window after the prior one lapsed at the end of December.

The racing circuit and teams are attempting to figure out a new governing framework with the main issues needing to be solved including the amount of money being offered by NASCAR, how they’ll split it and whether charters could become permanently owned by teams.

NASCAR is offering teams 42% of media revenue in a proposed new deal, which would be up from the current 39%, per source.

Presently, teams only control the NASCAR charters through the end of the current nine-year charter agreement that started in 2016 and expires Dec. 31, 2024.

Five people familiar with the matter confirmed that the sides had extended the negotiating window, with two noting through January.

The new deal wouldn’t start until Jan. 1, 2025, but NASCAR may want to avoid having the topic become a distraction once the season begins in February.

NASCAR and the Race Team Alliance declined comment.

When it comes to billions of dollars, folks want to get everything right. NASCAR teams want more money to help operations. They also want NASCAR to commit to the charter system in order to protect their investments.

Let’s not forget, Spire Motorsports purchased the Live Fast charter for $40 million in 2023. This is a staggering amount of money to negotiate over. Among changes to the revenue agreement could include a salary cap for teams.

Extending the negotiating window means one thing, there is no agreement yet.