CHARLOTTE, N.C. — On Wednesday, a federal judge instructed twelve NASCAR teams to submit 11 years’ worth of financial information to the stock car series as part of an ongoing legal dispute, but he significantly limited what they have to provide.
After listening to arguments from both sides a day earlier, U.S. District Judge Kenneth Bell from the Western District of North Carolina stated that this information will “allow NASCAR to access much of the relevant substance requested while safeguarding the legitimate interests” of the twelve teams.
The teams expressed worries that sharing their private financial details might lead to public disclosure and negatively impact fair competition.
Denny Hamlin and Michael Jordan are the respective owners of Front Row Motorsports and 23XI Racing, the only two teams that didn’t sign a new charter agreement and have been in a legal battle with NASCAR over disclosing financial records.
According to the ruling, the teams need to provide key financial information—total revenue, total expenses, and net profits or losses—going back to 2014. NASCAR instructed the teams to agree on an independent accounting firm to manage these details by Friday, with NASCAR covering the costs.
Earlier this week, lawyers for 12 of the 15 race teams opposed sharing their financial records as part of NASCAR’s antitrust case.
These teams are not involved in the current lawsuit brought by 23XI Racing, which is owned by NBA Hall of Famer Michael Jordan and three-time Daytona 500 champion Denny Hamlin, along with Front Row Motorsports, led by businessman Bob Jenkins.
23XI and Front Row are the only two teams out of 15 that chose not to accept the take-it-or-leave-it offers for a new charter agreement last September.
Charters work like franchises in NASCAR, ensuring that each team can participate in the profitable Cup Series races and receive steady income. Among the 13 teams that agreed to the deal, only Kaulig Racing has provided the financial information that NASCAR requested through a subpoena.
Teams have consistently stated that NASCAR’s financial situation is not sustainable and they need more income and longer charter agreements. Currently, these agreements have expiration dates and can be canceled by NASCAR. After two years of talks, 13 teams signed the agreement, while 23XI and Front Row opted to go to court instead.
