Michael Jordan and Bob Jenkins Want a Massive $365 Million Compensation From NASCAR

Michael Jordan and Bob Jenkins Want a Massive $365 Million Compensation From NASCAR

Bob Jenkins and Michael Jordan (Via msn.com)

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The 23XI/FRM vs NASCAR antitrust trail has entered it’s second week and as it has been since day one, some serious revelations have been made in court. From toxic personal messages to lac of respect shows by the sport leadership during the trail have sent shockwaves with in the racing community. These seems to give Michael Jordan and Bob Jenkins an edge in the court.

The latest revelation is from the financial experts of 23XI Racing-Front Row Motorsports legal team. Prominent economist Edward Snyder was the expert witness Michael Jordan and Bob Jenkins’ lawyers trusted to explain the financial situation of the sport with the jury. He was the former Dean at Yale, University of Chicago, and University of Virginia business schools, called in to give his professional opinion on if NASCAR is a monopoly or not.

One of the major goals having the Snyder in the witness stand for the teams was not only to prove the monopoly, but also to explain to the jury that they deserve the $365 Million they are seeking from the Jim France and NASCAR. They argued that the owners are capable of paying the sum considering they haven’t hesitated to give $311 million to track in 2024 itself and pay the France family $397 million in shareholder distributions since 2021.

The two teams suing NASCAR are asking for about $365 million in combined damages from the series for alleged anti-competitive conduct.

Adam Stern of SBJ reported.

The $365 million won’t be divided between the teams equally. 23XI will get the bigger share, $215.8 million, compared to the $148.9 million that FRM will get if they are awarded the compensation. The massive difference is due to fact that 23XI is seeking $163.8 million in compensation for market value reduction compared to $96.4 million of FRM.

Monopoly barrier got exposed and NASCAR tried to discredit Michael Jordan’s expert witness

One of the most significant claims made by the professional was about the NASCAR payout structure and how it is showing signs of monopoly. He highlighted how the barriers were made to stop rise of any other stock car racing championships in the US by the exclusivity agreements. According to Snyder this not only affected the competitors negatively, but has also cost the team competitive revenue shares they deserves.

Denny Hamlin and Michael Jordan (via Newsweek), Steve Phelps (via Getty)
Denny Hamlin and Michael Jordan (via Newsweek), Steve Phelps (via imago)

Teams called their expert economist Edward Snyder to the witness stand Monday, as he claimed that his analysis shows NASCAR has “created barriers” to stop competitors from forming, and that this has left teams compensated at a rate below what should be the normal market value.

Adam Stern reported.

As it has always been the case for expert witnesses during the lawsuit, the primary strategy of the NASCAR lawyers was to discredit Snyder in front of the jury. This was done in order to limit the influence he would have on the potential verdict considering the jury will always give as expert opinion more weight.

According to reports the defence wasn’t as successful as they expected with this attempt during the cross-examination. This proves Jordan’s legal team found the right expert witness to share their narrative to the court.  

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