Michael Jordan’s Race Team Pursues F1 Financial Data in NASCAR Lawsuit
23XI Racing, co-owned by Michael Jordan, seeks financial data from Formula One for its antitrust lawsuit against NASCAR. The team is challenging NASCAR’s charter agreements alongside Front Row Motorsports. They seek insight into F1’s revenue-sharing structure and the Concorde Agreement. Their ongoing legal efforts also emphasize confidentiality considerations.
Michael Jordan’s race team, 23XI Racing, is pursuing sensitive financial information from Formula One to bolster its ongoing antitrust lawsuit against NASCAR. Co-owned by Michael Jordan and Denny Hamlin, 23XI Racing, alongside Front Row Motorsports, is challenging NASCAR’s franchise-like charter agreements and has sought a federal court’s assistance in Colorado to obtain details from Liberty Media, F1’s owner.
The team’s request focuses on five categories of financial data, notably the Concorde Agreement, which governs the sport’s commercial aspects. Despite narrowing their initial request made on February 19, the teams stated that F1 has yet to comply. They contend that F1’s refusal lacks a valid basis and is unnecessary given the nature of their request.
Among the specific information requested from F1 are revenue sharing details, the formula identifying revenue split percentages, current valuations of F1 teams, and the amounts retained or shared by F1 and the teams. The filing clarifies that the teams do not seek custodial email searches but instead request documents that can demonstrate the basis for these inquiries, limiting their scope.
Previously, Liberty Media labeled the original request as “overboard,” citing potential exposure of trade secrets and sensitive financial information. The company claimed there was no direct relation to the ongoing NASCAR suit, highlighting the request’s burden. In contrast, 23XI Racing contends that their inquiries are modest and targeted, aimed at accessible financial data.
Despite the inherent confidentiality surrounding the requested information, legal avenues may exist to navigate these barriers; confidentiality concerns could be managed through court-ordered protective measures, ensuring restricted access to sensitive documents. 23XI Racing and Front Row Motorsports are currently in the discovery phase, and their trial is set to commence on December 1.
The pursuit by 23XI Racing for F1’s financial data seeks to support their legal challenge against NASCAR’s practices. By requesting specific financial documents, the teams aim to highlight potential profit discrepancies compared to more favorable racing circuits. As the trial date approaches, the outcome of this legal battle may have significant implications for how racing franchises operate in relation to their agreements and revenue-sharing models.
Original Source: www.nytimes.com
