The antitrust lawsuit trial has become a powder keg capable of reshaping every corner of the NASCAR ecosystem. If NASCAR prevails, 23XI Racing and Front Row Motorsports could be forced to shut their doors after pouring enormous resources into the garage. But if the teams win, the repercussions would hit the league like nothing less than a sledgehammer.
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NASCAR could face a massive financial judgment, be pushed to overhaul the charter system, or even be compelled to consider selling portions of the business. Kenny Wallace recently unpacked the cascading possibilities in one of his YouTube segments.
Wallace pointed to Adam Stern’s reporting, which outlined that several teams have shown curiosity, if not outright interest, in purchasing the league should the opportunity arise. NASCAR declined to address that scenario when contacted by the reporters.
A Goldman Sachs analysis from 2023 placed NASCAR Holdings’ valuation at roughly $5 billion, a figure team attorney Jeffrey Kessler referenced in court last week.
The France family previously explored a sale in 2018 with Goldman Sachs, but according to someone who has spoken with senior leadership recently, they have shown no appetite for letting go of the company in the past few months. Wallace, considering the hypothetical, questioned which owners would even have the firepower to entertain such a purchase.
“I’m thinking it’d be have to be Roger Penske. Roger’s the most wealthiest one or a team that has some funding behind them.” Wallace added that the entire landscape will shift if the verdict swings toward the plaintiffs. He didn’t mince words about why NASCAR is fighting so fiercely.
“Michael Jordan and 23XI, if they win the suit, they want $365 million… This is why NASCAR is fighting for their life. And… I’ve been told NASCAR is not having fun. They are not cocky. And this is serious stuff. And another thing I learned, NASCAR’s Jim France, who owns NASCAR, he is not happy that this stuff came out in email form.”
Even if a sale were ever on the table, it remains unclear what portion of the business potential buyers would target. Teams could look to acquire a single national series or the entire portfolio, which includes racetracks and the IMSA sports car championship.
It is equally uncertain how race teams, even the most storied or well backed outfits, would pool together the billions necessary to make such a transaction viable.
Beyond the garage, speculation continues to swirl around outside entities. Liberty Media and TKO Group Holdings have emerged as potential suitors in industry chatter thanks to their deep entertainment holdings and financial reach.
What remains unmistakable is that this trial has cracked open conversations that were previously unthinkable in NASCAR. And whichever way the verdict lands, the reverberations will not stop at the courtroom door.
