Technically, NASCAR does not need to sign a majority or unanimous team to a new charter agreement.Getty Images
Four sources familiar with the negotiations said NASCAR is proposing a seven-year extension to its charter program along with a new media rights deal as teams vie for something close to permanent franchise status. It is said that there is. NASCAR's proposal is to extend the system from 2025 to 2031, officials said. Teams want additional media revenue guaranteed and the system permanently locked into NASCAR rules. As a middle ground, teams would accept something akin to “evergreen” status, which would keep their charters forever as long as they meet a list of requirements agreed upon with NASCAR, such as running every race. When contacted, NASCAR and RTA would not comment on the specific terms being discussed.
Last weekend at Daytona, NASCAR declined to attend a Race Team Alliance meeting to discuss a new contract, but the team announced it had hired antitrust attorney Jeffrey Kessler. The original charter deal was negotiated in his 2015, the first year of his current 10-year media rights deal with NASCAR, which expires after 2024. It was designed to give teams a new form of corporate value. While charters are essentially franchise-like, NASCAR differs significantly from major stick-and-ball leagues in that the teams have no equity in the league themselves and are instead independent contractors. Still, teams believe making recognition permanent should be the natural next step for a sport run more like a league. Since the system began, Charter's value has increased 11 times his. The latest was sold by Live Fast Motorsports to his Spire Motorsports for just under $40 million. Many of NASCAR's team owners are in their 70s and 80s, and at least some of them believe this is an opportunity for their families to secure corporate value that will last for generations, officials said.
