Michael Jordan’s antitrust battle with NASCAR finally came to an end this week, but a viral tweet making the rounds claims that the Chicago Bulls legend laughed off the cost of signing a driver to his team.
In a tweet circulating this week, it was claimed that Jordan, who has a net worth of $3.8 billion, was told about the cost of signing a driver to the team he co-owns with Denny Hamlin, 23XI Racing, and didn’t bat an eye. “I have lost that in a casino,” he allegedly told his financial advisor. “Let’s do it.” But is there any truth to what the tweet is reporting, via Joe Pompliano’s Huddle Up Substack?
Did MJ casually brush off the cost of signing an unidentified driver?
Yes. Per reporting from the Associated Press in August this year, partially redacted text messages between Jordan and Curtis Polk, his business manager, revealed that the NBA hall of famer did, in fact, laugh off the cost of signing a driver. “I have lost that in a casino,” wrote Jordan, who is a well-documented fan of gambling. “Let’s do it.”
In another text exchange shared as part of the court case, Polk and Jordan appeared to complain about the cost of new charter agreements. “I’m not selling even if they were for sale [redacted],” reads the message. “What would we do? This is just a hobby!!! Only can play but so much golf.”
Who is signed to Jordan’s NASCAR team?
Bubba Wallace, who has been the only full-time Black American NASCAR driver in three national series, was the first driver to sign with 23XI Racing. Other drivers who have raced for the team include Ty Gibbs, Daniel Hemric, Riley Herbst, Tyler Reddick, and Kurt Busch.
Why was Michael Jordan in court?
Michael Jordan’s 23XI Racing and Front Row Motorsports filed an antitrust lawsuit against NASCAR and its chairman, Jim France, in October last year. The federal lawsuit was filed in response to the racing company’s charter system, which Jordan and others accused of not allowing a fair share of revenue for all racing teams.
What did Michael Jordan say in court?
Jordan testified earlier this month and made his case for why the organization’s business model is unfair, unbalanced, and damaging to drivers and teams. “Someone had to step forward and challenge the entity,” Jordan testified. “I wasn’t afraid. I felt I could challenge NASCAR as a whole… the sport needed to be looked at from a different view.”
NASCAR’s charter system, introduced in 2016, was designed to give teams long-term investment value, stability, and franchise ownership like in other major sports. Multiple teams, including 23XI Racing, requested permanent charters, but the company refused to budge. Jordan argued in court that the ultimatum issued by NASCAR was unfair and said the revenue split failed to match up to the NBA’s. “The revenue split was far less than any business I’ve ever been part of,” Jordan said. “We wanted to move in that direction.”
What was the outcome of the antitrust lawsuit?
NASCAR settled the lawsuit on Thursday (Dec. 11), although the terms of the settlement haven’t been publicly disclosed. NASCAR and plaintiffs did confirm, however, that team charters will become permanent beginning in 2026.