Dale Earnhardt Jr. laid out a clear warning about the future of NASCAR’s business model just days before a landmark settlement granted permanent status to team charters, a development poised to reshape the sport’s economic landscape.

At the center of a federal antitrust lawsuit were NASCAR’s charter agreements, contracts that guarantee teams entry into races and a share of revenue. 

In late 2024 and into 2025, most Cup Series teams signed a new Charter Agreement, but Michael Jordan’s 23XI Racing and Front Row Motorsports held out and sued NASCAR, alleging the system was unfair and anti-competitive, eventually resulting in Jordan and co-owner Denny Hamlin receiving financial payment as part of the settlement.

The lawsuit went to trial in December, and by Thursday, both sides reached a settlement that will make charters permanent moving forward. 

Under the terms of the settlement, all existing charters will become “evergreen,” a term used to describe permanent, franchise-style rights to compete, ending temporary lease structures that had been the norm.

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Earnhardt addressed what that change could mean on his podcast this week, offering one of the clearest voices on the issue just before the settlement was announced. 

“If the charter remains nothing more than a guaranteed entry into a single event, I think then values remain where they are today,” he said. 

“What the teams have recognized are if those charters were to become permanent and therefore basically a franchise, the values are well north of $150 million. So, you’re sitting there with a charter that’s worth let’s say $25 million and by the stroke of Jim France’s pen, it will now be $150 million.”

Earnhardt didn’t just focus on valuation. He predicted a structural shift in how people approach competition in NASCAR. “If that happens, there is no going back. Like, it changes the sport forever,” he said, pointing to the barrier permanent charters would create for new entrants. 

“You’ll basically have 36 franchises — however many cars start a race — they’ll be the franchises, owned and valued and they will sell and trade from one entity to another over the course of decades and centuries, however long this goes. They’ll be a gigantic barrier of entry.”

Those remarks came just days before news broke that NASCAR and the two holdout teams reached an accord, effectively ending a contentious trial. The settlement confirms that charters will be permanent, a core demand of the plaintiffs, and returns charters to 23XI and Front Row for the 2026 season along with other concessions tied to revenue sharing and governance rights.

On December 12, 2025, the Fédération Internationale de l’Automobile (FIA), Formula 1 Group, and all 11 Formula 1 teams officially signed the ninth Concorde Agreement, extending the championship’s governance and commercial framework through the end of the 2030 season.

–by Mark Cipolloni–

This agreement completes a two-part process: the commercial aspects were finalized in March 2025 between Formula 1 and the teams, including the incoming Cadillac entry as the 11th team. The governance portion, involving the FIA, was signed this week, marking a new era of collaboration between the governing body and the commercial rights holder.

The Concorde Agreement, first introduced in 1981, defines the regulatory, governance, and financial terms under which teams compete, including revenue distribution and rule-making processes. The new deal emphasizes stability, sporting fairness, technological innovation, and operational excellence amid the sport’s ongoing growth, with record viewership and expanding global reach.

Key provisions include increased financial contributions to the FIA, enabling investments in race regulation, direction, stewarding, and technical expertise. Reports indicate this addresses rising operational costs for the FIA, such as those related to the cost cap and the push for more consistent stewarding.

FIA President Mohammed Ben Sulayem stated: “The ninth Concorde Agreement secures the FIA Formula One World Championship’s long-term future… This agreement allows us to continue modernizing our regulatory, technological, and operational capabilities.”

Formula 1 CEO Stefano Domenicali added: “Today is an important day for Formula 1… This agreement ensures that Formula 1 is in the best possible position to continue to grow around the world.”

The signing comes ahead of major changes in 2026, including new power unit regulations and Cadillac’s grid debut. While the agreement has been praised for providing stability, some reports note fan criticism over specific details, such as a mandatory FIA logo on car noses starting in 2026 and adjustments to voting structures in the F1 Commission that give the FIA and Formula 1 Group more influence on regulations. These elements have sparked debate among supporters, though official statements focus on the deal’s role in aligning stakeholders for sustained development.

Controversy

There is controversy surrounding the ninth Concorde Agreement, signed on December 12, 2025 because that is just the way British fans and the British run F1 are when they don’t control something. They cannot control the FIA and they hate it.

It primarily centers on a new 2026 regulation requiring every Formula 1 car to display an FIA logo on the nose (at least 75mm high and visible from the side), which is embedded in the governance section of the agreement. This has been portrayed in media reports as an emblem of perceived FIA overreach, especially under President Mohammed Ben Sulayem’s leadership, amid broader changes like increased financial contributions from teams to the FIA (estimated at an additional $15 million annually for enhanced stewarding and regulation) and adjustments to F1 Commission voting thresholds that reduce team influence on rule changes.

Evidence of the backlash includes:

– Media Coverage: Articles from sources like Pro Football Network and Autosport describe it as a “widespread F1 fan revolt” triggered by the logo mandate, noting it exacerbates tensions between the FIA and fans. The rule is seen as prioritizing FIA branding and funding over sport integrity, with fans labeling it “ridiculous” and accusing the organization of treating teams like billboards while charging entry fees.

– Social Media Reactions: Recent posts on X (from December 12-13, 2025) show high engagement on critical content. For instance:
– An Autosport announcement of the logo rule garnered over 1,995 likes, 244 replies, and 251 quotes, with many replies expressing outrage (e.g., calling it “dictatorial” or “North Korea-like”).
– Other posts, such as one from @formula1god (“SOMEBODY PLEASE STOP THESE INSANE DICTATORS”) and @cytrusf1 (comparing it to authoritarianism), received hundreds of likes and replies each.
– Neutral announcements of the agreement signing saw lower engagement, while logo-specific criticisms often exceeded 400-800 likes and dozens of replies, indicating focused discontent.

FIA Press Release

The Fédération Internationale de l’Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, and Formula 1 Group, the Commercial Rights Holder, have today announced the signing of the Concorde Governance Agreement, a crucial contract defining the regulatory framework and governance terms of the FIA Formula One World Championship until 2030. This follows the announcement in March that the 2026 Commercial Concorde Agreement had been signed by all the teams and Formula 1 Group. Together, these agreements constitute the ninth Concorde Agreement, representing a major step forward in the professionalisation and global development of the sport.

First introduced in 1981, the Concorde Agreements are designed to promote sporting fairness, technological innovation and operational excellence, and align all key stakeholders around a shared vision for structured governance and continued growth of the sport. Each iteration of the Concorde Agreements has shaped the FIA Formula One World Championship into the global spectacle it is today.

The ninth Concorde Agreement announced today marks the beginning of a new era of collaboration between the FIA and Formula 1 Group, who have worked together to write the next chapter in Formula 1 history, demonstrating mutual respect, transparency and shared purpose between the two organisations. It confirms the participation of all FIA Formula One World Championship teams, including the incoming Cadillac Formula 1 team, through the end of the decade, and provides a stable foundation for the sporting and technical evolution of the sport.

The Concorde Agreement underscores the commitment of the FIA, Formula 1 Group and all teams to continue growing and developing the sport, and to keep driving the momentous expansion it has seen in recent years. The new contract enables the FIA to invest further in improved race regulation, race direction, stewarding and technical expertise for the benefit of the Championship, and means the sport can continue to evolve, providing exciting technological innovation and sporting action for fans, broadcasters and partners, all within a stable and structured regulatory framework. Combined with record viewership growth, a dynamic race calendar, and increasing engagement from younger audiences, the FIA Formula One World Championship enters this next chapter with unprecedented momentum.

Mohammed Ben Sulayem, President of the FIA, said: “The ninth Concorde Agreement secures the FIA Formula One World Championship’s long-term future and I am proud of the dedication that has been invested in this process. I would like to thank Stefano Domenicali and his team in what has been a strong collaboration, building a framework grounded in fairness, stability, and shared ambition. This agreement allows us to continue modernising our regulatory, technological, and operational capabilities, including supporting our race directors, officials, and the thousands of volunteers whose expertise underpin every race. We are ensuring that Formula 1 remains at the forefront of technological innovation, setting new standards in global sport.”

Stefano Domenicali, President and CEO of Formula 1 Group, said: “Today is an important day for Formula 1. As we celebrate seventy-five years of this incredible sport, we are proud to write the next chapter in our long and amazing history. This agreement ensures that Formula 1 is in the best possible position to continue to grow around the world. I want to thank the President of the FIA, Mohammed Ben Sulayem and all the teams for the collaboration and determination to achieve the best results for the entire sport in our discussions. We have a huge amount to be proud of, but we also are focussed on the opportunities and exciting potential for Formula 1 in the years ahead.”

Getty Image

DARLINGTON, SOUTH CAROLINA – AUGUST 31: Michael Jordan, NBA Hall of Famer and co-owner of 23XI Racing looks on during the NASCAR Cup Series Cook Out Southern 500 at Darlington Raceway on August 31, 2025 in Darlington, South Carolina. (Photo by Jared C. Tilton/Getty Images)

The NASCAR antitrust settlement reached on December 11, 2025, ended a legal battle that pulled the sport into federal court and forced a closer look at its business model. The lawsuit was filed by 23XI Racing and Front Row Motorsports. The dispute centered on NASCAR’s charter system and the level of control the sanctioning body holds over Cup Series teams.

A key ruling confirmed NASCAR has “monopoly/monopsony power” in the market for premier stock car racing services. That decision narrowed the case and helped push both sides toward a settlement that changes charter ownership, revenue sharing, and team rights across the Cup Series.

Court ruling that reshaped the case

The lawsuit followed failed charter negotiations in September 2024. NASCAR presented teams with a 112-page charter agreement and gave them one day to sign. The deal guaranteed race entry and revenue but did not offer permanent charters. While most teams signed, 23XI Racing and Front Row Motorsports refused and chose to sue. Both teams competed for much of the 2025 season without charters.

On November 4, U.S. District Judge Kenneth Bell issued a summary judgment under Section 2 of the Sherman Act. He ruled that NASCAR does possess “monopoly/monopsony power in the relevant market” for premier stock car racing services. This ruling removed the need to argue whether NASCAR controlled the market and shifted the case to whether that control was used in an illegal way.

Judge Bell also rejected NASCAR’s argument that teams could easily move to other racing series. In his written “In opposing Plaintiffs’ relevant market, NASCAR now contends that the same motorsports that could not supply racing teams to the Cup Series are suddenly readily available substitutes for the Cup Series teams, like Plaintiffs, to sell their services. Not only is it illogical, but there is no record evidence that racing teams in various motorsports can only move from NASCAR to another motorsport but not vice-versa, Bell said.”

The trial began on December 1. After nine days of testimony, settlement talks accelerated. Judge Bell later spoke directly to the jury, saying, “I wish we could’ve done this a few months ago. I believe this is great for NASCAR. Great for the future of NASCAR. Great for the teams and ultimately great for the fans.”

Evidence and testimony during the trial

During the trial, teams presented internal NASCAR communications and testimony related to charter talks. Team owners described the final offer as “take-it-or-leave-it” and said it did not meet key demands, especially the push for permanent charters.

Michael Jordan, co-owner of 23XI Racing, said the lawsuit focused on the long-term health of the sport. “The lawsuit was about making sure NASCAR evolves in a way that supports everyone: teams, drivers, partners, employees, and fans, Jordan said.”

Denny Hamlin, Jordan’s partner at 23XI, explained why the team accepted the risks of going to court. “Racing is all I’ve ever known, and this sport shaped who I am. Hamlin said, That’s why we were willing to shoulder the challenges that came with taking this stand.”

What teams gain from the NASCAR antitrust settlement

The settlement applies to all 36 Cup Series teams. The most important change is the creation of permanent, or “evergreen,” charters. These charters cannot be taken away as long as teams meet standard conditions, giving owners long-term security.

Teams will also receive new revenue. For the first time, teams will get a share of NASCAR’s international media rights income. They will also receive one-third of revenue from new business deals that use the team’s intellectual property, including merchandise.

Governance rules also change. A reinstated five-strike rule allows teams to block rule changes that would cost at least $500,000 per car. Financial terms were not disclosed, but the settlement includes compensation for 23XI Racing and Front Row Motorsports after racing without charters in 2025.

Dogli Wilberforce is a sports writer who covers NASCAR, Formula 1 and IndyCar Series for Heavy Sports. With bylines at Total Apex Sports and Last Word on Sports, Wilberforce has built a reputation for delivering timely, engaging coverage that blends sharp analysis with accessible storytelling. Wilberforce has covered everything from major football transfers to fight-night drama, bringing readers the insight and context behind the headlines. More about Dogli Wilberforce

Before the 23XI Racing and Front Row Motorsports v. NASCAR antitrust lawsuit was settled during the trial, Dale Earnhardt Jr. and sister/business partner Kelley Earnhardt-Miller took to their podcast studio to discuss some of their thoughts at the time.

One of those topics was the revelation that NASCAR felt threatened by a certain degree by the Superstar Racing Experience and even reacted to it by ‘locking down’ tracks with extensive sanctioning agreements.

Its top executives even made clear how frustrated they felt by SRX both within documents uncovered by the discovery process but also during testimony during the trial itself.

Earnhardt, talking on the Dale Jr. Download expressed surprise that NASCAR felt so strongly about SRX.

“I gotta be honest, this shocked me,” Earnhardt said on Tuesday’s Dale Jr. Download. “I want to say that I’m a big fan, and I think I’m a good friend with Ray Evernham. When he started talking about SRX and what he wanted to do, in his mind, he wanted to re-create IROC. The initial idea of SRX as a series that would go into these local markets, and you would bring out these retired guys and some unique personalities, different forms of racing and offer up a car to the local hero. The original idea of SRX, in my mind, was a good idea. I will say, though, I wasn’t interested in it, personally. Out of the gate, I just didn’t have the bandwidth to get into it. I wasn’t a fan; I didn’t really watch too much of it. … No offense to anybody out there that was SRX fans or anybody that worked in the series… but I wasn’t into it.

“To hear that they were even remotely the least bit threatened is so surprising to me because they’re this giant that’s NASCAR and SRX is just this little thing. They were like 12 cars just barely getting by financially. They’re tearing up so much shit, they had no idea they were gonna tear up so much shit. In the end, they couldn’t make the money work. SRX went away because it’s expensive to operate and the viewership numbers didn’t justify the TV contract and the TV contract couldn’t afford the series, so it just financially didn’t really work.”

During the trial, now NASCAR president Steve O’Donnell explained why he said he wanted the legal department from the Sanctioning Body to look at NASCAR. He said it looked more and more like NASCAR when Cup Series drivers and their sponsors started to compete in the mid-week summer short and dirt track series.

However, O’Donnell also testified that legal said there wasn’t nothing to take action against.

Regardless, Earnhardt just didn’t understand why this was even a topic of consideration.

“I am surprised by the some of the comments I read from O’Donnell and a couple people of, ‘Man we gotta put an end to this or we gotta go take a look at this.’ Why are we worried? I don’t care [about the ratings], people were gonna be curious. … I’m not alarmed by that. … I was really surprised by that,” Earnhardt said. “I never saw, no disrespect, but I never would’ve worried or considered SRX a problem.

“I would’ve looked at what they were doing… why do people like it and can we work together? It was interesting because it did morph. You had drivers like Denny, Chase, and Blaney, but Chase goes over there to race with his dad, have a little fun. Blaney with his dad. They were getting paid to go out there and do it for a little bit of money.”

Wilkesboro and Bowman Gray

Earnhardt directly was even pulled into the internal NASCAR debate as Phelps, O’Donnell and SVP of Strategy Scott Prime concluded the Sanctioning Body needed to schedule races at North Wilkesboro and Bowman Gray Stadium before SRX had a chance to do it with the retired superstar.

From the aforementioned June 2022 text message exchange between the three:

O’Donnell: Wait until (Dale) Jr. says he is running an event. Matter of time. They will go to North Wilkesboro with Jr. if we are not careful. We need to be the first back.
Prime: Agreed – North Wilkesboro and Bowman Gray next year with Jr and friends if we don’t make moves
O’Donnell: How about this for All Star – make it a combo – Bowman and Wilkes Fri/Sun
Prime: Sick! And flip it for 2024. We’ve got moves to make. Just need to sell them through. Should be a good working session Thursday

Wilkesboro and Bowman Gray eventually were added to the Cup Series schedule in 2023 and 2025 respectively.

However, Earnhardt said the former is to the credit of Speedway Motorsports CEO Marcus Smith and the state of North Carolina’s Build Back Better fund contribution.

“Listen, there is a lot of stuff about NASCAR in all of this that I don’t know,” Earnhardt said. “I don’t know everything about how they run things, and I certainly didn’t know how they felt about some things, and how these text messages have unveiled some things. But I’ll tell you what I do know, is that North Wilkesboro came back because of Marcus Smith … NASCAR, you know, they didn’t play any role. Now, they have to go, when Marcus comes up and says, ‘Man, I’ve got this track back together, I want to put it on the schedule.’ They’ve gotta go, ‘Okay, good.’

“But, look, NASCAR never was going, ‘Guys, we gotta get Wilkesboro going.’ This isn’t a knock to them, you know, this isn’t a knock to them, they shouldn’t take this as an insult, but Wilkesboro is back because of everybody else. The government, our local government, and the town, a lot of volunteers. Fucking, 20 years of volunteers, people just like even keeping the grass mowed for 20 years. All of those reasons, the fact that they kept the track in somewhat reasonable shape, to even be considered to be brought back. Those people should be commended. You know, we can go on about this.”

Earnhardt-Miller also said her brother deserved credit for getting CARS Tour involved and his driving in a race that drew 20,000 fans even before NASCAR and SMI scheduled the All-Star Race.

He wouldn’t accept it, but it’s objectively true that his star power contributed to the success of an event dubbed ‘Race Track Revival.’

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NASCAR Hall of Famer Dale Earnhardt Jr. has an eye for talent; Look no further than his O’Reilly’s Auto Parts Series Team JR Motorsports’ four driver championships as proof of that.

The current NASCAR field contains a plethora of talent of all ages and backgrounds, some of whom are arguably underappreciated by fans and perhaps even the paddock alike. Some may also be overrated, but that’s a different story entirely.

Quizzed on the current field, and which drivers he believes don’t get the recognition they deserve, Earnhardt Jr singled out a veteran of the sport, who had to wait until he was well into his 30s to get his shot in the Cup Series. It came after Earnhardt Jr shared a grim prediction for a star who ‘overachieved’ in 2025.

Former JRM driver and current Wood Brothers Racing star, Josh Berry, has only driven full-time in the Cup Series for two seasons, with the first being with the now-defunct Stewart-Haas Racing. Prior to 2024, he had only made 12 appearances for Hendrick Motorsports, Legacy Motor Club, and Spire Motorsports between 2021 and 2023.

This past season, Berry set a new benchmark for himself, reaching the Playoffs and winning his first race, the Pennzoil 400, at Las Vegas Motor Speedway, while also cracking the top five two further times and the top 10 on another five occasions.

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“I don’t know how people feel about Josh Berry now. I still feel like his talent is not as appreciated as I think [it should be],” Earnhardt said on his ‘Dale Jr. Download’ podcast. “He’s won now. He’s driving for the Wood Brothers. He’s established. He’s good to go, right. But I still feel that people don’t really know how good he is.”

The 51-year-old went on to note that he feels the same about Berrry as he did back in the day about Martin Truex Jr. Earnhardt recalled how early in Truex’s career, which saw him drive for his late dad’s team, Dale Earnhardt, Inc., followed by Michael Waltrip Racing, he approached his then boss, Rick Hendrick, and suggested Hendrick Motorsports “consider Truex.”

“And they were like, ‘Really?’ And that’s as far as it went,” Earnhardt recalled. “And then he got in the [Furniture Row Racing] 78 car and won a championship in a bunch of races with (crew chief) Cole [Pearn]. But I knew Truex had that ability, and he was super talented. Just a really great race car. I feel the same way about Josh. I think Josh is incredibly good.”

Truex ultimately ran full-time between 2006 and 2024, picking up 34 wins, 291 top 10 finishes, and the 2017 Cup Series crown with FRR.

Whether or not there is still time in Berry’s career to clinch that first Cup Series title and a “bunch” more wins remains to be seen. That being said, set to return behind the wheel of the No. 21 WBR Ford next season, he will at the very least be looking to improve upon his 16th-place driver standings finish when the new season begins in a matter of months, starting with the Daytona 500.