NASCAR detailed its Charter system plans, courtesy of a nine-year agreement with Sprint Cup Series team owners, which an eye to bolster participation, governance and economics to a move to “promote a more predictable, sustainable and valuable team business model.” Overall, 36 teams will be given the charters that guarantee entry into the field of every Sprint Cup Series points race, with charters being transferable. In addition, the deal establishes a Team Owner Council that will have formal input into decisions, and offers Charter teams with new revenue opportunities including a greater interest in digital operations.
“Today represents a landmark change to the business model of team ownership in NASCAR,” France said. “The Charter agreements provide nine years of stability for NASCAR and the teams to focus on growth initiatives together with our track partners, auto manufacturers, drivers and sponsors. The Charters also are transferable, which will aid in the development of long-term enterprise value for Charter members.”
Stewart-Haas Racing co-owner Tony Stewart stated that “Our sport is well positioned for growth and sustainability with this new charter agreement. I’m very proud of the work the teams and NASCAR have put into this new system, as many people have worked tirelessly to secure the health of our sport. Stronger communication, more team stability and shared goals equal a better product that we can showcase to our fans week in and week out.”