Michael Jordan’s approach to running a NASCAR team comes straight from the high-stakes tables. When his financial advisor presented concerns about the cost of signing a new driver, Jordan dismissed them with a gambling reference, while also taking an allegedly brutal dig at NASCAR’s salaries.
“I have lost that in a casino. Let’s do it,” Jordan told his advisor, according to testimony revealed during the antitrust trial. The comment became public as part of the financial discovery process that exposed Jordan invested between $35 and $40 million of his personal fortune into 23XI Racing over five years.
The price of competing at NASCAR’s top level
Jordan’s casual attitude toward driver salaries reveals the massive financial commitment required to compete in Cup Series racing. Court testimony showed that running a competitive NASCAR operation costs roughly $20 million annually per car. For 23XI Racing’s three-car operation, that translates to $60 million in expenses before accounting for driver contracts and facility costs.
The gambling comment might sound flippant, but it demonstrates Jordan’s understanding of NASCAR economics. He knows the financial model is broken. Front Row Motorsports owner Bob Jenkins testified during the trial that he has lost $100 million since entering the sport in 2005. Richard Childress admitted he signed the 2025 charter agreement only because refusing would have bankrupted his team.
Jordan’s willingness to treat NASCAR expenses like casino losses explains why he fought so hard for permanent charters. The current system forced teams to risk everything on short-term agreements that could vanish with the next negotiation. Jordan compared signing drivers to casino bets because NASCAR offered no equity in return for massive investments.
And one should also not forget Jordan’s massive net worth, which is over a billion. Losing $5 million or an amount in that ballpark is child’s play for someone like ‘His Airness.’
The settlement announced Thursday gives Jordan what he wanted from the beginning. The evergreen charter language provides genuine franchise value, transforming 23XI Racing from an expensive hobby into a legitimate business asset.
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