DAYTONA BEACH, Fla — NASCAR and NASCAR Cup Series team owners today announced the extension of the Charter agreement through 2024.
“The Charter agreement is delivering stability and long-term value to existing team owners while providing a clear path for ownership in the NASCAR Cup Series,” said Steve Phelps, NASCAR President. “We are pleased to have reached an agreement with the team owners that extends the length of the Charter system until 2024. A healthy ownership structure ensures strong, competitive racing for our fans, which is a goal the industry collectively shares.”NASCAR and NASCAR Cup Series team owners today announced the extension of the Charter agreement through 2024.
The Charter system was first adopted for the 2016 season. It was initially a five year deal. That meant the 2020 season was the end of the historic term.
In 2016, it was announced that 36 teams would be part of the Charter system which means they can focus on long term commitments. They can be transferred or leased to any other team, but that only works for one season at a time. A team can also sell a charter too, like Furniture Row Racing did.
The only way a Charter would be taken away would be if a team finishes in the bottom three of the owners standings for three straight years. NASCAR can reserve the right to take back the Charter at that point. So far, that’s never been done.