23XI statement on not signing Charter agreement

Naitch said:
In an ideal world, NASCAR would be controlled by the chartered teams who are investing money into the sport, not a single family but I don’t know how to get there.
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You get there by means of a buyout of existing shareholders.

Find a flush equity partner and make an offer the family can’t refuse.

It wasn’t that long ago that NASCAR was looking around for potential buyers.
 
StandOnIt said:
As I have said many many times. Nascar is a sole proprietorship company. Yeah, let's talk investment in the sport. 23XI and Front row have some cars equipment and a building that is theirs offset by sponsor money, and prize money. What they have done is spend money to take advantage of the potential that Nascar has provided, with wholly owned racing facilities, covered garages, bleachers for the fans, utilities etc. maintenance and upkeep that they don't pay a dime for, that comes from Nascar's cut.

I've been a sub contractor. The money I spent was to make money off of the opportunity I was given. These guys are trying to act like it is their right to do whatever they want.
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NASCAR teams aren’t subcontractors by any conceivable definition. They’re competitors in a sport that runs at facilities owned by NASCAR. NASCAR is entitled to recoup their investment but the teams are the ones investing money to put on the show. Under your logic, SMI should get additional rights as a track owner.
 
StandOnIt said:
Another invalidated rumor.
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“ According to Reuters, the France family, which controls NASCAR, is working with investment bank Goldman Sachs Group Inc to identify a potential deal for the company. Reuters reported that multiple unnamed sources said that the deliberations are at the exploratory stage and no agreement of any kind is certain.”

www.usatoday.com

Report: France family exploring possible sale of NASCAR to outside group

The France family, which controls NASCAR, is working with Goldman Sachs to identify a potential deal for the company, according to a new report.
www.usatoday.com
 
aunty dive said:
“ According to Reuters, the France family, which controls NASCAR, is working with investment bank Goldman Sachs Group Inc to identify a potential deal for the company. Reuters reported that multiple unnamed sources said that the deliberations are at the exploratory stage and no agreement of any kind is certain.”

www.usatoday.com

Report: France family exploring possible sale of NASCAR to outside group

The France family, which controls NASCAR, is working with Goldman Sachs to identify a potential deal for the company, according to a new report.
www.usatoday.com
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According to what really happened, shortly after that announcement Nascar and SMI bought out all of their stockholders and became sole proprietors.

 
StandOnIt said:
According to what really happened, shortly after that announcement Nascar and SMI bought out all of their stockholders and became sole proprietors.
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NASCAR operates as an LLC, a limited liability corporation, not as a sole proprietorship.
  • A sole proprietorship is an unincorporated business with only one owner who pays personal income tax on profits earned.
  • Sole proprietorships are easy to establish and popular with small business owners and contractors.
www.investopedia.com

What Is a Sole Proprietorship?

A sole proprietorship is an unincorporated business with a single owner who pays personal income tax on business profits.
www.investopedia.com www.investopedia.com
 
NPR article about the lawsuit, you can listen also.
www.wbur.org

Is NASCAR a monopoly?

Basketball legend Michael Jordan’s automotive racing team 23XI is suing NASCAR, alleging the organization is an illegal monopoly. The case could make waves across the entire sport.
www.wbur.org www.wbur.org
 
Some buddies and I participate in a fishing tournament down here. We have to pay to register, provide our own boat, fuel, tackle and beer. The owners of the tournament decides what the payout is going to be. I think we should be getting more of the payout because I see where they live in some really nice waterfront homes and over the years have gotten some additional tournament sponsors. We also had to spend more money on new bigger engines so we could get to the honey hole first. This just isn't right. The owners are obviously pocketing some money they could share with us. I am thinking if the win this 23XI case is our ace in the hole.

The 23XI lawsuit makes about the same sense to me.
 
That is the best analogy I have read about it. I thought the we're broke messaging before and during contract talks by the teams was a nice touch.
 
Charlie Spencer said:
It doesn't need any one individual team. It does need enough to fill decent sized fields across at least two national series.
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Where does the cars come from to run a race w/o the current teams? How long would it take for say 20 teams to magically appear to have a respectable race for TV coverage?

Some seem to forget, most of the teams BUILD their own cars for the series other than CUP. If those teams close their doors...I guess other money people come in and hire them since the last round went so well...gonna do it all over but for less profit.
 
KTMLew01 said:
No. You've suggested any dissention = NASCAR goes out-of-business. Some of us disagree with that. They just have to move a little closer to being fair.
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Bought out, split up, franchised etc is quite different than teams banding together in which there is no threat of that with this lawsuit. Some might want to think that way but they have no examples or proof of that happening. If they do post it up....
 
Blaze said:
So you're telling me, if all the teams banded together, and gave NASCAR the middle finger, you would watch a bunch of scrubs?
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Interesting sidebar. Not that I think for a moment anyone's leaving Cup but -if- they did and NASCAR went looking for replacements, what would be the reaction of those Xfinity teams that are affiliated with Cup teams?

Just something to ponder.
 
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