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Rick Hendrick ‘Incredibly Optimistic’ About Future Of NASCAR After Settlement

Jared Turner Written by Sports EditorJared Turner
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Rick Hendrick

One of the many revelations from the just concluded NASCAR antitrust trial was that in April 2024, team owner Rick Hendrick sent an impassioned letter to NASCAR chairman Jim France.

In the letter, Hendrick — the most successful team owner in NASCAR history — aired out some major grievances with the sport. With NASCAR and Cup Series teams in negotiations at that time about a new charter agreement set to take effect in 2025, Hendrick left no doubt about his feelings that the then-current charter agreement, introduced in 2016, wasn’t working.

“Over the past five years, Hendrick Motorsports has won two NASCAR Cup Series championships — and lost $20 million,” Hendrick wrote, referring to the championships won by Hendrick Motorsports drivers Chase Elliott (2020) and Kyle Larson (2021), respectively. “I’d be happy to show you audited financial statements. I love this sport. And my passion for it keeps me engaged. But there’s a clear business reality.

“Before we can possibly reach an agreement, NASCAR must acknowledge the current model is unsustainable for teams and cannot continue without substantive, fundamental change.”

Well, with Thursday’s unexpected out-of-court settlement between NASCAR and the Cup Series teams of 23XI Racing and Front Row Motorsports, which last October both sued NASCAR for hundreds of millions of dollars in damages, it seems that the fundamental change Hendrick demanded has finally come.

And, naturally, Hendrick is pleased.

What’s Changing For Cup Series Teams As Part Of NASCAR Settlement?

Although not all of the details from the settlement in the NASCAR antitrust lawsuit are clear, what is clear is that this was a huge win for all NASCAR Cup Series teams.

And that’s true not just for the plaintiffs in the case — Michael Jordan and Denny Hamlin-co-owned 23XI Racing, and Bob Jenkins-owned Front Row Motorsports — which received a payout of an undisclosed amount.

Along with getting permanent charters, which will guarantee chartered teams with entry into every race and a bigger piece of the prize money, the teams will reportedly enjoy more veto power over proposed changes to the sport that would involve them facing higher costs.

In addition, teams will now collect a sum from NASCAR’s international media rights deal, after previously not being granted a portion of this revenue.

The race teams will also pocket a third of the money from any new NASCAR business deals involving use of the teams’ intellectual property.

All of this, together, should put Hendrick Motorsports and other organizations in better financial standing for years to come.

What Did Rick Hendrick Say About NASCAR Settling With 23XI Racing, Front Row Motorsports?

Given the positive outcomes from the settlement, Rick Hendrick — who in his letter to Jim France said he believed the sport of NASCAR had “reached a breaking point” — is considerably more upbeat about the state of affairs than he was in April 2024.

This change in perspective bled through a statement the 15-time Cup Series champion and NASCAR Hall of Fame team owner released through Hendrick Motorsports just moments after the news broke Thursday that NASCAR had reached a settlement with 23XI Racing and Front Row Motorsports.

“Millions of loyal NASCAR fans and thousands of hardworking people rely on our industry. And today’s resolution allows all of us to focus on what truly matters — the future of our sport,” Hendrick said. “For more than 40 years, NASCAR racing has been my passion. I believe deeply in what we can accomplish when we work together.

“This moment presents an important opportunity to strengthen our relationships and recommit ourselves to building a collaborative and prosperous future for all stakeholders. I’m incredibly optimistic about what’s ahead. When our industry is united, there’s no limit to how far we can go or how much we can grow the sport we love.”

Jared Turner Written by Sports EditorJared Turner
Jared Turner is a motorsports writer who has covered NASCAR for 20 years. He has interviewed over 20 NASCAR Hall of Famers and around 100 drivers, crew chiefs, and team owners, both past and present. He has also covered the sport for FOX Sports (where he was a two-time recipient of the FOX “X” Award for “Xtraordinary” job performance), NASCAR.com, Sporting News, NASCAR Pole Position Magazine, the SPEED network, and plenty of other online and print-only publications throughout his career. Notably, Jared has penned dozens of articles for NASCAR souvenir programs, including several featured prominently in Daytona 500 keepsakes. A Virginia Press Association award winner and former member of the National Motorsports Press Association (NMPA), Jared has racked up accolades both for his writing and his academic work. He studied both Communication and Psychology at Virginia Tech, where he was permanently enshrined in Phi Beta Kappa — the nation’s oldest and most prestigious academic honor society. Jared excels at feature writing and opinion writing, much of which stems from his dedication to all levels of racing.
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