NASCAR has officially approved the sale of shares worth $678 million to racing legend Tony Stewart, following a prolonged period of negotiations and regulatory procedures. This significant transaction marks a pivotal moment in the sport’s landscape, reflecting Stewart’s deepening involvement in NASCAR’s operations and his commitment to its future.
Tony Stewart, a three-time NASCAR Cup Series champion and co-owner of Stewart-Haas Racing (SHR), has been a prominent figure in motorsports for decades. His acquisition of these shares signifies not only a substantial financial investment but also underscores his dedication to influencing the strategic direction of NASCAR. This move comes at a time when the sport is navigating various challenges, including team ownership structures and the evolving dynamics of race team operations.
Earlier reports indicated that Stewart-Haas Racing planned to cease operations of its four-car Cup team at the end of the 2024 season, with intentions to sell three of its charters. One charter was reportedly acquired by Trackhouse Racing to field Shane van Gisbergen, while the remaining two were under agreement for purchase by 23XI Racing and Front Row Motorsports. However, these transactions required NASCAR’s approval, which was complicated by an ongoing antitrust lawsuit involving the purchasing teams.
The antitrust lawsuit, filed by 23XI Racing and Front Row Motorsports, challenges NASCAR’s charter system, alleging monopolistic practices that hinder fair competition. A recent court ruling denied the teams’ request for a preliminary injunction that would have allowed them to compete as charter teams in the 2025 season without forfeiting their legal claims. This decision has left the status of SHR’s unsold charters and the future participation of the involved teams in a state of uncertainty.
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