SMI’s Marcus Smith brands Michael Jordan and Denny Hamlin as the “titans of industry” amidst lawsuit saga
Speedway Motorsports Inc. CEO had some bold claims about the impact Michael Jordan and Denny Hamlin had as team owners.
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Denny Hamlin, Marcus Smith (In Circle) and Michael Jordan (Via IMAGO)
Speedway Motorsports Inc. is one of the oldest and biggest business partners of NASCAR, who has been part of the sport for over half a century. They own and operate 11 tracks NASCSAR races and helps to host the race weekends. This service makes them a significant partner of the sport, earning them more revenue share than the teams get.
Recently SMI CEO Marcus Smith was asked about the big names racing at the 2025 Coke 600, by Business North Carolina and while talking he named the titans of the industry. His three choices were pretty obvious, which were Hendrick Motorsports, Joe Gibbs Racing and Penske Motorsports. But his next choice surprised many as he names dropped 23XI Racing owners Denny Hamlin and Michael Jordan, despite their teams being just four years old.
Rick Hendrick with Hendrick Motorsports, Joe Gibbs Racing. Michael Jordan and Denny Hamlin with 23XI [Racing]. Roger Penske with Penske Motorsports. They are the titans of industry and sports entertainment that have NASCAR teams.
Marcus Smith said via Business North Carolina.
The comments from Smith comes in a pretty volatile time in the sport as 23XI Racing has filed a class action lawsuit against NASCAR alleging Monopoly. They are fighting in the court and the procedure is expected to dragged to almost two years. The claim from the SMI boss is something NASCAR will take into consideration, during the legal drama.
Marcus Smith explains Speedway Motorsports’ revenue sources
In the same interview, Smith was asked about the business model of SMI and how they make money. He pointed out that alongside the NSASCAR revenue share, they make money from stands, parking, selling paraphernalia and T-shirts. Their non-racing projects also attract revenue.
Running the concession stands, parking, selling paraphernalia and T-shirts are major revenue sources. There are also TV broadcast rights. Like any major sporting event, there’s a sharing formula between the athletes and the owners and so forth.
Marcus Smith said.
SMI has long been significant part of NASCAR and has control of some of the best tracks in the sport, hence they will continue to be a major player in the sport. Though there has been some beef between the sport body and teams with SMI, their contribution towards the growth of NASCAR, alongside it’s future can’t be overlooked.
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Justin P Joy
(4859 Articles Published)