NASCAR News: Teams to Receive Massive Hikes in Payouts as the New Charter Negotiation Window Gets Extended

And just like that, 2024 is off the line, developing into a promising season with NASCAR’s massive updates for the upcoming season that will turn a new page in the sport’s long-storied history. While the organization’s rule-book change is a step in the right direction, NASCAR’s recent charter update is a quantum leap for its teams.

The sanctioning body and its eminent teams have agreed to extend their charter renewal negotiations window following the expiration of the previous one last year. While the racing body and its organizations are yet to come to terms, striking an accord on the new charter contract, sources suggest massive hikes for teams following NASCAR’s ground-breaking media rights deal that accounts for a whopping 7.7 billion dollars.

Here’s everything you need to know about NASCAR media revenue and how much teams are expected to benefit

With the curtains falling on the 2023 season, concluding with an epic finale at Phoenix, fans are a tad bit bored in the off-season. However, the silly season is doing its thing, hyping up the upcoming 2024 season with major updates coming. Amidst the teams’ driver changeups and revamps, the sanctioning body also upped the ante with massive amendments, pushing the community into deep speculation.

In light of the recent updates that have been causing all the smoke, NASCAR and its premier teams have decided to extend their charter renewal negotiations. Racing circuits and teams are trying to agree, striking a balance that will solve issues, including the revenue offered by the organization. While the prior contract lapsed back in December last year, the new deal wouldn’t start until January 1, 2025.

The recent happenings come after the billion-dollar media rights deal that came to the surface. While NASCAR or its race team alliance has declined to comment on these updates, sources, including prominent journalist Adam Stern, noted in Sports Business Journal that there might as well be two routes the mentioned deal will fall through.

WATCH THIS STORY: Shane Van Gisbergen expresses his concerns, heading to Daytona 

Sharing it on his “X” handle, he wrote, “There’s been two different ways of counting @NASCAR‘s money presented during charter talks with teams: The first has NASCAR’s new offer at 42% of media revenue, up from the current 35%. The second has NASCAR’s new offer at 49%, up from 39%,” which is a giant step as this will prompt more teams to invest in the promotion rather than leave it because of the rising tides of revenue loss. 

NASCAR’s rule set packages for short track and road courses in 2024

Trending

Ryan Blaney Risking Upsetting His Soon to Be Wife as He Reveals His Plans for the Off-Season After Failing to Defend His Title

New Parents Tony Stewart and Leah Pruett Share Their Complete Family Photo, and Fans Pour in Love for Baby Stewart

Who Is Chase Elliott’s Girlfriend Ashley Anderson? Everything You Need to Know About NASCAR’s Most Popular Driver’s Rumored Love Interest

Dale Earnhardt Jr.’s Wife “Fell Asleep,” Missing Her Husband’s Historic Bud Return to the Track

“Bad to the Bone”- Fans Left Dazzled by Danica Patrick’s Sizzling Las Vegas GP Reveal

To boost its struggling short-track packages and road courses, the sanctioning body has delivered yet another major announcement ahead of its highly anticipated 2024 season. On Wednesday, NASCAR revealed the news bulletin of the changes to be made to its Next-Gen racecars. Six drivers were handpicked, two from each manufacturer, for a two-day trial session in December to test its new generation package to enhance competitiveness and bump up the overall race quality.

While there are no significant changes to the gearbox, a notable modification involves implementing a revamped aero package. In 2024, cars will be equipped with a simplified rear diffuser with fewer vertical strakes. Though the race in Phoenix on March 10 will be the first to utilize this package, the simplified diffuser set-up will not be used for the Clash at Los Angeles Memorial Coliseum on Feb. 4. Bristol Motor Speedway and Dover International Speedway will also not use the new aero package.

READ MORE: RFK Racing Shows Off Their Ford Taurus as They Put in Context Bill Belichicks’ Legendary NFL Career