Days After Securing $7.7 Billion Deal, NASCAR President Sheds New Light on Charter Negotiations With Teams

The NASCAR season concluded on November 5th. Since then, the biggest piece of news coming out of NASCAR’s halls has been the broadcasting rights deal. As per reports, the deal is worth $7.7 billion and will see the sport being exclusively aired on streaming platforms for ten weeks. The deal has its critics but as far as the teams are concerned, there may be more money to be made if the charter negotiations are successful. NASCAR President Steve Phelps recently shared his thoughts ahead of the negotiations.

The new TV deal will come into effect in 2025 and will run through to 2031. As part of the mammoth 7-year deal, FOX and NBC will have the rights to air 14 Cup races each at the beginning and the end of the season, respectively. Prime Video and TNT will share the events in between.

The charter deal will help teams be more competitive, says NASCAR President

There is a positive outlook among NASCAR officials regarding the charter negotiations. In a recent interview with The Athletic, Steve Phelps said that he believes NASCAR will be able to finalize a deal beneficial for both the teams and the industry. He also said that it would help teams be more competitive on the race track.

“We’re going to come to a very good result for the race teams and the industry as a whole. I’ve said that to our race teams and, honestly, anyone who’s listened for the last year. I believe that to be true. Would it be a fair deal? It’ll be a deal that will help the teams with their enterprise value to be more competitive on the racetrack,” the NASCAR President said.

Under the current deal, the TV revenue is split between the race track, the teams, and NASCAR. The tracks get 65% of the cut and the teams get 25%. NASCAR bags 10% of the earnings. While there is no guarantee that more money will come in, the inclusion of global media and streaming giants and the possibility of higher viewership does indicate that it would be more profitable than before.

Financial negotiations can be tense especially when charters are involved. Teams would always want to improve their value and sometimes, such discussions can easily go sideways. However, Steve Phelps remains confident of what he can offer the teams.

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Steve Phelps explains “integration of the stakeholders” ahead of crucial negotiations

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The NASCAR President believes that the negotiations will conclude with a positive result and that there will be the continued integration of the stakeholders into the sport. He also revealed how it would be the most crucial aspect of NASCAR’s growth into the future.

Steve Phelps added, “It’s a negotiation, but we’ll end up in a good place. I’m very confident about that. And then what’s next? It’s going to be the continued integration of the stakeholders of our sport. And I know that sounds kind of amorphous and kind of BS. It’s not.

“It is the single most important thing that will lead to significant growth of our industry. And yesterday was a building block for that both financially as well as the promotion and marketing and distribution for our sport that will happen in 2025. That’s what we must do.”

How do you think the new TV deal will affect the charters? Will it be a positive outcome in the future for the teams or will the risk not pay off?

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