Michael Jordan’s Aide Calls on NASCAR Teams to Exploit “Sleeping Giant” as Outsider Hired to Help Gain Upper Hand in Upcoming Broadcasting Deal

As part of the bigger plan of revolutionizing the sport, NASCAR now has its eyes set on the new broadcasting deal that will come into play after 2024. But according to a recent report, it seems like the teams have also begun preparing their homework along with the executives in the NASCAR offices.

This is because Racing Team Alliance, a group of 14 Cup Series teams, has reportedly hired a consultant “to maximize their position heading into negotiations.” 

Although this shouldn’t be a surprise considering how long the teams have been signaling toward the unfair distribution of media revenue.

In the current deal,  65% of the money from a race goes to the track, 25% goes to teams and 10% goes to the sanctioning body.

As a result, teams have to rely on sponsorship for more than 70% of their total revenue.

NASCAR is a sleeping giant according to 23XI Racing investor

Curtis Polk, the longtime financial advisor of Michael Jordan and an investor in the Denny Hamlin-Michael Jordan-owned 23XI Racing team, spoke about the untapped potential of the sport.

“One of the things we’ve learned is the economics of the sport, and I think the sport is a sleeping giant, but from the team ownership side it’s very sponsor dependent and we need to address that model,” he said.

“Michael and I could add a lot of info we’ve learned from being with the NBA for many years and also owning a major league baseball team,” Polk added.

“So that’s what we’ve been working on a lot with Denny is to help educate him as to what a better economic model might be and to help develop that and hopefully we’ll have a lot of ears that will listen to us.”

Also Read: Former NASCAR Champion Darrell Waltrip Serves as a Voice of Reason Amidst Serious Next Gen Concerns