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Michael Jordan, one of the world’s richest Black billionaires and widely considered the greatest NBA player in history, has filed a lawsuit against NASCAR, the U.S.’s leading motorsports organization. The lawsuit accuses the stock car racing body of operating an illegal monopoly that has financially harmed 23XI Racing, the team Jordan co-owns.
Jordan in court over NASCAR lawsuit
This week, Jordan, who Forbes values at $3.8 billion, attended the first day of the trial in Charlotte, North Carolina, sitting in the front row as emotional testimony unfolded. Among those testifying was Denny Hamlin, three-time Daytona 500 champion and co-owner of 23XI Racing, who described the challenges the team has faced under NASCAR’s current system.
The lawsuit, filed in October 2024, also involves Front Row Motorsports, owned by fast-food franchise entrepreneur Bob Jenkins. Jordan, Hamlin and Jenkins claim NASCAR has limited competition while generating hundreds of millions of dollars in revenue. NASCAR CEO Jim France, whose family founded and has long controlled the company, denies any wrongdoing.
NASCAR charter system sparks dispute
Jordan co-owns 23XI Racing with Hamlin and business adviser Curtis Polk. The team, valued at $150 million, merges Jordan’s iconic No. 23 with Hamlin’s No. 11. At the center of the dispute is NASCAR’s charter agreement system. Charters guarantee teams a spot in all 38 Cup Series races and come with defined payouts. Jordan’s team and Front Row Motorsports refused to extend their charters last year, arguing the terms were inequitable.
Representing 23XI Racing, attorney Jeffrey Kessler noted that Jenkins’ team has never turned a profit since 2004, even after a Daytona 500 victory in 2021. He cited a NASCAR-commissioned study showing that over 70 percent of teams lost money in 2024, while nearly $400 million flowed to the France Family Trust over three years.
Jordan donates $10 million to hospital
Beyond racing, Jordan recently made a $10 million gift to Novant Health New Hanover Regional Medical Center in Wilmington, North Carolina, honoring his mother, Deloris Jordan. The donation will fund neurological research and expand care access across southeastern North Carolina, with the neuroscience institute renamed in her honor.
“My mother taught me the importance of compassion and community,” Jordan said. “I can’t think of a better way to honor her than by helping ensure those in need receive advanced neurological care.” The gift underscores Jordan’s commitment to both business and community, reflecting the same dedication he brings to the racetrack.
