Friday, August 12, 2022

Michael Jordan’s New Financial Model for NASCAR Revealed

Michael Jordan
CONCORD, NC – MAY 22: Former NBA Chicago Bulls guard Michael Jordon high-fives the crowd during pre-race ceremonies prior to the start of the NASCAR Sprint All-Star Race at Charlotte Motor Speedway on May 22, 2010, in Concord, North Carolina. (Photo by John Harrelson/Getty Images)

*As a NASCAR co-owner, Michael Jordan reportedly has a new financial model he wants the sport to explore.

Jordan’s financial advisor, Curtis Polk, claims the former NBA star wants “NASCAR teams become less reliant on sponsors and find revenue through additional avenues, such as media,” per The Spun.

Polk says he, along with Jordan and his 23XI Racing co-owner Denny Hamlin, have discussed how to shake things up for the future of NASCAR.

READ MORE: Bubba Wallace Becomes Second Black Driver to Win NASCAR Cup Series Race [VIDEO]

Here’s what Polk said, via Sports Business Journal:

“One of the things we’ve learned is the economics of the sport, and I think the sport is a sleeping giant, but from the team ownership side it’s very sponsor dependent and we need to address that model.

Michael and I could add a lot of info we’ve learned from being with the NBA for many years and also owning a major league baseball team. So that’s what we’ve been working on a lot with Denny is to help educate him as to what a better economic model might be and to help develop that and hopefully we’ll have a lot of ears that will listen to us.”

The reactions from racing fans has been mixed.

One Twitter user wrote, “Making @NASCAR like the NBA model is insane. Sponsors are tradition. Media contracts = they have veto power over everything. Watching @NASCAR sell out their fans and head down the road to Woke hell.”

Another said, “This is a great plan, now produce a product people actually want to watch.”

A third tweeted, “I feel this is well over-due. The people objecting to it because the NBA is mentioned are so shortsighted and completely miss the point.”

Another NASCAR fan added, “Personally I’d love to hear how he thinks that could work. Thinking outside of the box could be a fantastic thing for this sport when teams are so heavily reliant on those sponsors $$$”.

What’s your take on Jordan’s new financial model for NASCAR? Sound off in the comments.

Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

YOU MAY LIKE

SEARCH

THE CULTURECALENDAR: WHAT'S NEW & BLACK ON TV

- Advertisement -

TRENDING