Despite signing a $7.7 billion broadcasting deal for the next seven years, NASCAR is yet to complete negotiations over the new revenue-sharing model with the team for 2025 and beyond. The exclusive negotiation window with the team has come to an end. NASCAR and the teams have found themselves in a tough situation as the current deal expires at the end of this year.
The 16 NASCAR teams had a meeting ahead of a tough situation as the current deal expires at the end of the Daytona 500, where they discussed the current situation and the strategies for the coming days. NASCAR CEO Jim France was invited to the event but didn’t attend it. There, it was revealed that the teams had appointed Jeffrey Kessler, the leading anti-trust lawyer in the USA, as a consultant to solve the issue.
Denny Hamlin, the co-owner of 23XI Racing, has revealed some details of the meeting with his fans via his podcast. Hamlin admitted that the teams were disappointed with NASCAR over the rejection of the invitation. He pointed out that with the hiring of Kessler, the teams hope to protect themselves as the charter agreements are the biggest deal in the sport.
I don’t have anything else to say about it than you know, there’s a story to be told on the owners’ parts, and obviously hiring Jeffrey is a big step for the owners, but I think a lot of it is protection for the team owners. Obviously, there’s a lot of language and so much red tape when it comes to charter agreements and whatnot. You just gotta make sure that you’ve got all the protection that you need. Because this is a big deal, charter agreements a big deal to us.
Hamlin said via Action Detrimental.
Denny Hamlin doesn’t see the drama ending anytime soon
NASCAR’s president, Steve Phelps, recently opened up to the media about the drama around the negotiations. He promised to end the process as quickly as possible and pointed out that the deal would be fair. Denny Hamlin has responded to Phelps.
Hamlin pointed out that while he appreciates the president’s optimism, things are not as it is seen, and the talks would go on for a long. The JGR driver hopes the deal will get traction as soon as possible.
I appreciate his optimism, I’m not as optimistic as probably Steve is. But I don’t know how much of that is what he believes is truth and how much of it is uh… What he believes versus what kind of a narrative that’s being put out there. Awfully disappointing that we just can’t get our feet out of the mud on this thing, but hopefully, we get some traction soon.
Hamlin said.