Cup team owners boycotted Wednesday‘s quarterly meeting with NASCAR officials, displeased with the status of revenue talks with the sanctioning body, sources confirmed to NBC Sports.
NASCAR issued a statement Wednesday after the boycott: “NASCAR is committed to open and productive dialogue on a regular basis with all industry stakeholders. We remain committed to continuing discussions in the spirit of collaboration and with the shared goal of growing our sport for the benefit of all stakeholders.”
NASCAR‘s charter agreement with Cup teams goes through the 2024 season. The agreement sets up the revenue model and requires the 36 charter teams to compete in every event.
Teams receive money based on entering each race, their performance in each race, performance over the previous three seasons and the points fund. Even with this, teams rely on sponsorship to offset the difference to compete in the series.
Cup team executives said last October that they need additional revenue streams to fix a “broken” business model. Their comments came after NASCAR rejected a seven-point proposal from team executives on a new model.
See much more at NBC Sports.