Since Monday, the NASCAR world has been ablaze with updates around the ongoing charter lawsuit that has finally entered the jury trial. On Friday, 23XI co-owner Michael Jordan was at the forefront of the proceedings, given that he was the main testimony of the day.
Facing the challenge of a packed courtroom, Jordan’s celebrity drew a variety of quips from the Judge and the defense attorney as he explained the reason behind going to court against the US’ top racing authority. And while he explained that, Jordan also spilled the beans on a $65 million+ investment that he made to see 23XI Racing become a reality.
Michael Jordan Lifts the Lid on His Massive Investment in NASCAR and 23XI
Friday’s courtroom proceedings saw Jordan open up on his childhood fandom of the NASCAR world, which compelled him to take drastic measures. The NBA Hall of Famer thought it best to sue to force changes in a business model that he sees as “shortchanging” the teams and drivers.
Given that he was a new face on the block, Jordan figured that he could challenge NASCAR as a whole, as he felt that the sport needed to be looked at from a different view.
This, and a lot more, led to Jordan revealing the true extent of his investment in the team that he co-owns with Denny Hamlin, shedding light on a major reason behind the former Chicago Bulls player being so passionate about the case.
Per a recent update on X by veteran Journalist Bob Pockrass, Jordan has admittedly invested over $65 million in his team, including the purchase of the Stewart-Haas Racing charter that cost him $28 million.
“Michael Jordan said he has invested $35-40 million in 23XI and also paid for the $28M for the SHR charter. The role Jordan has isn’t day-to-day but he obviously can help land sponsorships. MJ: ‘More or less a fan and financial support.'”
Pockrass’ update was a follow-up to a previous notification, where the veteran Journalist revealed that the testimony lasted for almost an hour. There was no confrontation of any sort during the testimony as Jordan calmly explained his approach to the lawsuit.
Notably, Jordan’s testimony followed a highly dramatic session from Heather Gibbs, the daughter-in-law of team owner Joe Gibbs. She revealed that there was a chaotic six-hour window in which teams could either sign the charter agreement or forfeit the charters.
A licensed real estate agent, Heather (Gibbs), further detailed that it was a document that one would never sign in business, as she likened the situation to a “gun to your head.”
Like most of the witnesses that have taken the stand this week, Jordan also described a NASCAR that wasn’t open to potential changes to the charter system. He even referred to the NBA model, which shares nearly half of its overall revenue with its players.
Nonetheless, Jordan still owns 60% of 23XI Racing, having invested $35 to $40 million since becoming a part of the sport.
