23XI statement on not signing Charter agreement

www.jalopnik.com

NASCAR Charters: Explained - Jalopnik

If you’ve been following any of the NASCAR silly season news, you’ll certainly have heard the word “charter” thrown around. But if you’re new to NASCAR—or if you just don’t follow all the ins and outs of the series with a magnifying glass—then we’ll let you know everything you need to know about...
www.jalopnik.com www.jalopnik.com
 
StandOnIt said:
Other than the charters of having the cake and eating it too who didn't sign the contract, and nothing has been said about what is going to happen with the charters they have, when has any of this remotely happened. I can't remember any can you?
Click to expand...
My apologies, I wasn't referring to this specific case. It was a general point of confusion.
 
Charlie Spencer said:
My apologies, I wasn't referring to this specific case. It was a general point of confusion.
Click to expand...
Well I thought when I said when has any of the things you were worried about actually happened because I couldn't remember any. I think a good way to think of it is that the charters are mostly like a lease to own. The leasee gets certain benefits for a price, but if they decide to not renew the lease they can sell their part of the lease if the owner of the lease permits it.
 
StandOnIt said:
Well I thought when I said when has any of the things you were worried about actually happened because I couldn't remember any.
Click to expand...
Took me a bit of digging.
According to sources, NASCAR issued a stern warning to teams about the Friday Charter Agreement deadline, where NASCAR Cup Series team owners were threatened with the revocation of their Charters if they didn't sign the deal by Friday's deadline. The sources say the threat was aimed at pressuring the teams into signing the agreement.
Click to expand...
Sports Illustrated, Sept 2024 - https://www.si.com/onsi/racing-amer...f-latest-charter-agreement-drama-01j78ttm0q90


StandOnIt said:
I think a good way to think of it is that the charters are mostly like a lease to own. The leasee gets certain benefits for a price, but if they decide to not renew the lease they can sell their part of the lease if the owner of the lease permits it.
Click to expand...
I'm happy to take your word. I've bought lots of things but have no experience and little knowledge of leasing.
 
It isn't rocket science unless a person decides not to learn it. Then they can make it complicated of sorts. The lease terms were written discussed re discussed on and on for over two years and many meetings. Teams had plenty of time to sell out if they weren't going to sign. Instead two teams didn't sign and already had made arraignments to buy other charters that were available and a judge mistakenly allowed them to complete the sale and get all of the benefits of the charters, deprive the other teams that did sign of increased monies from Nascar not having to pay the extra charters. A bigger piece of the pie would have gone to the signed teams.
 
DIDIT said:
That's what get me is the "losing money" bit of all this. Let's see, I own a rental property and charge a fair market rent. I actually "lose money" each year on my tax return because I have expenses, mortgage interest and depreciation that offsets my rental income. That loss then offsets other taxable income. Which means I pay less taxes. All the while, the value of the property (assets) continues to significantly increase. It is bs when these race teams say they lose money, they are building race shops similar to the Taj Mahal, paying millions in salaries and executive compensation. Why would a race team even want to show a profit, technically speaking?
Click to expand...
I just think when the big teams claim they are “losing money” in this scenario it is more about “NASCAR is making money of MY efforts and I’m entitled to it and not getting it”. Ain’t no way these teams stay in existence to hemorrhage money for their owners.
 
Ford 222 said:
I just think when the big teams claim they are “losing money” in this scenario it is more about “NASCAR is making money of MY efforts and I’m entitled to it and not getting it”. Ain’t no way these teams stay in existence to hemorrhage money for their owners.
Click to expand...
Apparently 23XI and Front Row weren't losing money at a fast enough pace, so they decided to add another car....
 
wi_racefan said:
Apparently 23XI and Front Row weren't losing money at a fast enough pace, so they decided to add another car....
Click to expand...
Despite being in an expensive court battle that they started while looking in right down the barrels of losing charters. I think they should fire that money grubbing Polk character.
 
You must log in or register to reply here.
Back
Top Bottom