A seasoned financial analyst and tech enthusiast with over a decade of experience in market strategy and digital transformation.
Michael Jeffrey Jordan, as he cordially introduced himself in a federal courtroom on Friday, stated that his competitive side and status as a newcomer emboldened his push for 23XI Racing to “challenge” Nascar over alleged violations of competition laws.
Jordan shared operational insights of his 23XI team, saying he put in $40 million of his own funds into the Cup Series operation launched with partner Polk and driver Hamlin.
“It fell to someone to act,” Jordan said in the Charlotte courtroom. “As a newcomer, I had no fear. I felt I could challenge Nascar in its entirety. I felt as far as the sport it needed to be looked at through a new lens.”
At issue is the end of a 2016 deal where Nascar granted each team a franchise. This system mirrors other major leagues with separately owned franchises, such as the NBA’s Hornets or the NFL’s Panthers. This deal was set to expire in 2024 when Nascar demanded teams renew their charters.
Jordan was on the witness stand for about sixty minutes and exited the courthouse to pandemonium, with onlookers and reporters vying for a view or a picture of the global icon.
23XI Racing is at the forefront of the push along with Front Row Motorsports for Nascar to overhaul a operating model Jordan said is unlawful to maintain excessive control.
For Jordan and and a fellow team representative, who testified before Jordan, are details from September 2024. She recounted a frantic and emotional period where the sanctioning body told teams they had to sign a charter agreement extension. This agreement spanned 112 pages detailing pay for chartered teams and a guaranteed spot in Nascar-sponsored races.
Jordan explained that 23XI and Front Row Motorsports decided their only feasible option was to decline to sign that 112-page package and litigate the matter. The other 13 organizations agreed to the terms.
Jordan and co-owner Denny Hamlin approached Nascar about possible changes or extension options. Nascar refused to engage, Jordan said.
Ultimately, the pushback against what he saw as a unsustainable system was mostly about the familiar goal for Jordan: Winning.
“Hamlin persuaded me adding a third car boosted our odds of winning,” he testified, noting that he purchased another franchise late in 2024 for $28 million despite the uncertainty. “So I dove in.”
Gibbs described her push for indefinite franchises, which she said a formal letter to Nascar. She testified the pressure of the contract signing demand didn’t sit well.
She said, the team founder first tried to call and talk Nascar out of forcing signatures, but Nascar’s leader refused the appeal.
“Don’t do this to us,” Heather Gibbs said was the message to Nascar’s executives. She said France replied, “If I wake up and I have 20 charters, I have 20. If there are 30, that’s the number.”
A seasoned financial analyst and tech enthusiast with over a decade of experience in market strategy and digital transformation.