- Current charter agreement expires at the end of this season
- Teams reportedly want next charter system to be permanently locked into Nascar’s rules
- The latest rumoured offer from Nascar would run concurrently with the new media rights deal
Nascar has offered to extend the charter system for a further seven years, according to Sports Business Journal (SBJ).
Currently, teams control the charters until the end of the 2024 season. However, negotiations have stalled in recent months with an extension proving difficult to finalise.
Teams allowed the deadline for negotiations to expire in a symbolic move to highlight their discontent with the series, and it appears the two sides remain apart on key points of the deal.
SBJ reports that teams are looking for the charter system to be permanently locked into Nascar’s rules, along with the guarantee of additional media revenue.
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Nascar’s offer lines up with its next media rights cycle, which runs between 2025 and 2031 and is set to be worth US$1.1 billion per year. This would be similar to the current charter agreement, which runs concurrently with the soon-to-be obsolete media rights deal expiring this season.
Teams are reportedly open to a middle ground whereby they can keep the charter permanently as long as a list of requirements are met, which would be agreed upon between the teams and Nascar.
Nascar declined to show up to a meeting to discuss the new deal at the postponed Daytona 500, which suggests there is still some way to go before a solution is found.
Since the charter system was introduced, they have increased 11 times in value. Spire Motorsports purchased Live Fast Motorsports’ charter for around US$40 million last year.
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