Michael Jordan’s iconic response to monetary advisor over eye-watering NASCAR prices revealed
Michael Jordan is one of the wealthiest athletes in history thanks to his success on the court and in the boardroom. So, tens of millions doesn’t seem to throw him off of further sporting success.
Jordan is one of the owners of 23XI Racing – a NASCAR team competing in the top-flight Cup Series.
These days, Jordan’s biggest impact on the sport has to do with his lawsuit against the racing body – accusing them of running a monopoly.
After a year of fighting in the courtroom, reports indicate both sides are ready to settle.
However, discovery documents have revealed some juicy details in texts and e-mails – with Jordan providing a particular highlight.
The six-time NBA champion was warned by his financial advisor about the potential cost of signing a driver to his team. Jordan retorted, saying, ‘I have lost that in a casino. Let’s do it.’
Michael Jordan’s quip about losing money in a casino was revealed in discovery for a lawsuit
Jordan and a fellow racing team sued NASCAR – accusing the racing governing body of being a monopoly. The two sides came to a settlement agreement earlier this week.
The discovery process also uncovered financial documents related to Jordan’s team and his fellow plaintiffs, Front Row Motorsports (FRM).
‘MJ has invested $40m in 23XI Racing,’ said sports business reporter Joe Pompliano.
Pompliano added, ’75 percent of NASCAR teams lose money’ and that FRM ‘has lost $100m.’
In an article written for his Substack, Huddle Up, Pompliano added that the discovery unveiled other costs facing each team.
Documents revealed that it costs about $20m per year to run a NASCAR team. It also showed that the governing body lost a combined $55m on three street races in Chicago.
Jordan’s high net worth, reportedly at $3.8billion, makes him uniquely able to fight a sports governing body.
But after a prolonged fight, the two sides reached an unexpected settlement after the trial had reached its ninth day of proceedings.
The settlement saw NASCAR give all its teams the permanent charters they desired. Previously, the charters – essentially franchise agreements – could be revokable by the racing league.
