Denny Hamlin, co-owner of 23XI Racing alongside basketball legend Michael Jordan, has publicly addressed his team’s decision not to sign NASCAR’s final charter proposal. Hamlin’s comments coincide with the announcement of Bubba Wallace’s multiyear contract extension with the team, reaffirming 23XI Racing’s commitment to competing next year regardless of the charter deal status.
During recent discussions, Hamlin opened up on his team’s dedication to racing, even amid uncertainties surrounding the charter agreement. He commented to the media ahead of the Cup Series race at Bristol Motor Speedway:
“We’ve said we plan on racing next year no matter what. And we’re sticking to that.”
Despite the unresolved charter agreement, 23XI Racing plans to maintain its participation in NASCAR events for the upcoming season. Hamlin’s frustrations over the charter negotiations, which he describes as lacking fair bargaining opportunities, have been mounting over the past two years.
Denny Hamlin, driver of the #11 FedEx Toyota, waits on the grid during practice for the NASCAR Cup Series Bass Pro Shops Night Race at Bristol Motor Speedway on September 20, 2024 in Bristol, Tennessee. Denny Hamlin opens up on 23XI Racing’s decision to not sign the NASCAR charter agreement.
James Gilbert/Getty Images
One particular point of contention was the limited six-hour window given to teams to sign the charter contract before the playoff opener in Atlanta, an aspect Hamlin found particularly challenging and restrictive.
Hamlin reassured sponsors and partners that the situation with the charter deal is strictly a matter of ownership and will not impact the job security of the team’s employees.
The team has already seen significant achievements, with Tyler Reddick securing the regular-season championship this year and Bubba Wallace making the playoffs last season. Looking ahead, there are strong rumors of 23XI Racing expanding to three full-time charters by 2025, potentially bringing Riley Herbst into their fold, possibly through a charter acquisition from Stewart-Haas Racing.
He explained in a separate interview:
“23XI is interested in getting a charter deal done. We don’t — right now, on Jan. 1, 2025, we don’t even have a charter. So, you can’t buy or sell something that doesn’t exist in our eyes.
“We have two charters till the end of this year. And until we get a charter agreement done, that’s all we have. I mean, I didn’t build that facility to stay a two-car team, but it always has to make financial sense. I’m not going to put myself in a position to where I’m having to shell out millions and millions of dollars every year just to keep this thing going. I will not do that personally.
“So, it has to make financial sense. And the charter agreement needs to be better than it is certainly before I invest any more money in it.”
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