Jordan-owned 23XI Racing break silence after rejecting major NASCAR deal

Michael Jordan's co-owned NASCAR team have released an official statement after refusing to sign a new charter agreement.

Jordan co-founded the team in 2020 alongside current NASCAR driver Denny Hamlin, and signing the charter would have secured their future in the series from 2025 until 2031.

READ MORE: Jordan sends message to NASCAR star after ‘unacceptable’ Daytona race

However, unlike franchises in other sports, NASCAR's charters do not give team owners much of a say when it comes to how the series is run, which was potentially a sticking point.

After plenty of negotiations, some reports have suggested that some teams felt threatened to sign their charter ahead of the NASCAR-imposed deadline or potentially risk losing their charter for good.

READ MORE: Jordan-owned 23XI Racing announce huge new deal

23XI Racing reject NASCAR charter deal

In the end, just two teams held out and did not sign - 23XI Racing and Front Row Motorsports.

In a statement released on social media, the Jordan-owned team broke their silence on the matter, explaining their decision.

"23XI decided to not meet a NASCAR-imposed deadline last night to sign Charter agreements for its two cars for 2025-2031," the team ownership said in a statement.

"23XI's position, as stated in a letter to NASCAR, is that we did not have an opportunity to fairly bargain for a new Charter contract.

"We notified NASCAR what issues needed to be addressed, in writing, at the deadline.

We are interested in engaging in constructive discussions with NASCAR to address these issues and move forward in a way that comes to a fair resolution, while strengthening the sport we all love."

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