Michael Jordan has certainly set himself up for success after the NBA.
His various escapades post-retirement include a period of ownership over the Charlotte Hornets, his continued connection to Nike's Jordan Brand and his role as a special advisor and investor in DraftKings, among other ventures.
One of his most lucrative investments has been founding NASCAR's 23XI Racing with three-time Daytona 500 winner Denny Hamlin. The team debuted in 2021 with Bubba Wallace driving the No. 23 Toyota in its very first race. Kurt Busch joined the organization in 2022 when 23XI expanded to two cars.
In 2024, Wallace remains with the team and Tyler Reddick is behind the wheel of what was Busch's No. 45. 23XI has been at the center of the NASCAR universe since Reddick became the 2024 regular-season champion after a shocking overtime win, all while battling illness. Of course, his performance drew comparisons to Jordan's famed "flu game."
Despite the team's success, Jordan's racing team has a bone to pick with NASCAR and is taking legal action as a result. Here's everything you need to know about the lawsuit.
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Michael Jordan-NASCAR lawsuit, explained
The lawsuit — filed Wednesday by 23XI Racing and another team, Front Row Motorsports — centers around alleged anti-competitive antitrust violations committed by NASCAR CEO Jim France and the France family. Jordan's team and Front Row Motor Sports released a statement accusing both the organization and its overseer of :
- Buying a majority of the premier racetracks that are exclusive to NASCAR races;
- Imposing exclusivity deals on NASCAR-sanctioned racetracks;
- Acquiring Automobile Racing Club of America (ARCA), the only notable stock car racing series competitor;
- Preventing teams from participating in any other stock car races, while also retaining ownership over Next Gen parts and cars; and
- Forcing teams to buy their parts from single-source suppliers chosen by NASCAR.
23XI Racing and Front Row Motorsports were the only Cup Series teams not to sign a new charter agreement with NASCAR ahead of the September deadline. The deal, which guarantees spots in Cup Series races for the signees, starts in 2025 and runs through 2031.
"No other major professional sport in North America is run by a single family that enriches themselves through these kinds of unchecked monopolistic practice," said the statement from 23XI Racing and Front Row Motorsports. The same statement later referred to the France family as "bullies."
The lawsuit alleges that some of the 13 teams that signed the new charter agreement were pressured into doing so. 23XI Racing didn't feel enough pressure to agree to a deal, and now the team is taking on NASCAR after letting the deadline pass four weeks ago.
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What is 23XI Racing?
23XI Racing is a professional racing team owned by Jordan and Hamlin. The duo purchased the starter from Germain Racing in 2020.
23XI Racing fields two full-time cars in the NASCAR Cup Series: No. 23, which is currently driven by Bubba Wallace, and No. 45, which is driven by Tyler Reddick. The team also fields the No. 50 car for part-time drivers.
Jordan is now a minority owner of the Charlotte Hornets after selling his majority stake in 2023, so 23XI stands as one of his most significant investments at the moment.
Michael Jordan net worth
Jordan has an estimated net worth of $3.5 billion, according to Forbes, which ranks him as the 1,014th-richest person in the world.
The NBA icon made history in 2023 when he became the first athlete to appear on the Forbes 400 list of the wealthiest Americans. His net worth has grown slightly since that point, and 23XI Racing is an investment he's clearly taking seriously as the team takes on NASCAR.
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