How much stake do Michael Jordan and Denny Hamlin own in the Stewart-Haas Racing charter?

The ongoing antitrust lawsuit has uncovered the charter shares of Michael Jordan and Denny Hamlin. Moreover, further details indicate that Jordan has loaned Hamlin's share in the team's headquarters, Airspeed.

All evidence pertaining to the trial hearing has been disclosed for public consumption. Some of them have revealed NASCAR's profit margins, while the financials of the two teams show contrasting revenue.

23XI has largely been a profitable venture due to Jordan's backing with sponsorships, but Front Row Motorsports has struggled to turn a profit. 23XI consistently makes over $50 million, while FRM comes up short at around $20 million.

NASCAR analyst Bob Pockrass has shared further details from 23XI's inner dealings, writing,

"Some Jordan-23XI financial tea from emails/depositions: MJ said he'd pay 60% for SHR charter; Denny would pay 40%"

"Denny and Jordan went 50-50 on 23XI real estate (Airspeed) and MJ fronted Denny the $, with DH paying him back monthly. MJ has loaned the team money for legal fees," he added.

Bob Pockrass

@bobpockrass

Some Jordan-23XI financial tea from emails/depositions: -MJ said he'd pay 60% for SHR charter; Denny would pay 40% -Denny and Jordan went 50-50 on 23XI real estate (Airspeed) and MJ fronted Denny the $, with DH paying him back monthly -MJ has loaned the team money for legal fees

The Michael Jordan-owned outfit purchased SHR's charter after it closed shop in 2024. The charter fetched a $28 million price tag, and FRM bought the second one owned by SHR.

The most expensive charter purchase happened between Live Fast Motorsports and Spire Motorsports, coming in at a cool $40 million.

---

Reports suggest a higher ownership split for Michael Jordan

Email correspondence between 23XI management has shed light on the team's ownership structure. The mail outlined the proposed plans before the team's inception in 2020.

A crucial detail pointed to a higher ownership status for Michael Jordan, while Denny Hamlin is capped at 49% due to his involvement with Joe Gibbs Racing.

"Determine the percentage of ownership split between Denny and MJ. Although, I’d suggest the presumption would be 50/50, NASCAR may require Denny to be in a minority position at no more than 49%, as he will continue to race for several years with Joe Gibbs Racing (“JGR”)," the email read.

Further details reveal Bubba Wallace's deadline for negotiations:

“Bubba has given us a Tuesday September 1 deadline, as it is incredibly late in the year for him not to have selected a team for next season; thus, we need to determine whether we are going to move forward by then,”

The reports also reveal Toyota's hesitations regarding Michael Jordan's involvement. The carmaker was concerned about the Jordan brand's investment in a Nissan dealership.

Nonetheless, the team was officially launched in 2020 and made its maiden title bid in 2021. However, the three-car outfit has lost its charter status as of now. Until the trial hearing concludes, the team will continue as an open entry. If 23XI loses the case, the team will face a permanent shutdown.