Bloomberg Business of Sports
Episode: NASCAR, Michael Jordan’s Racing Team Settle Antitrust Suit
Date: December 12, 2025
Hosts: Michael Barr, Randall Williams, Damian Sassour
Guests: Martin Edel (Gulston & Storrs Sports Law, Columbia University), Ben Fisher (Sports Business Journal)
Episode Overview
This episode dives into the high-stakes intersection of sports, law, and business, beginning with the landmark settlement between NASCAR and Michael Jordan’s 23XI Racing Team in a federal antitrust dispute. The hosts and guests analyze the legal implications, impact on teams, and what this means for the future of American motorsports.
Subsequent segments cover private equity’s historic entry into college sports through the University of Utah and Otro Capital, before shifting to a discussion with SBJ’s Ben Fisher on the new Influence 125 list, highlighting the most powerful figures shaping the business of sports.
Major Segments & Key Discussion Points
1. NASCAR & Michael Jordan’s 23XI Settles Antitrust Suit
[03:09–14:39]
Background & Legal Issues
- Section 2 Monopolization Claim:
Michael Jordan’s team (23XI) accused NASCAR of using monopoly power to dictate unfair team terms, such as:- Restricting stock car competitions
- Limiting team operations and event participation
- Imposing non-competes
- Controlling access and design of race cars
Quote:
“Michael Jordan and his team 2311 ended up suing NASCAR on what's called a Section 2 claim. That's a monopolization claim…”
– Martin Edel [04:35]
Terms and Implications of Settlement
- Permanent Charters: All 36 teams receive guaranteed spots in Cup Series races
- Potential for Market Expansion:
- “Three-strike rule” lets teams skip events, opening doors for participation in other premier racing series
- Increased Team Input & Democratization:
- Teams will have more governance power; limits on France family’s control
- Expected result: More events, increased team earnings, potential trickle down to drivers and crews
Quote:
“So you might see a broader democratization of how NASCAR is run, how it's going to sell itself to fans, to the media, and the number of events it will be sponsoring.”
– Martin Edel [06:37]
Impact on Team Value & Sales
- Guarantee of event participation boosts franchise value, aids recruitment, and may fuel a wave of team sales or investments.
Quote:
“I think we're going to see a dramatic increase again, because if you're a team and you have a charter, you're guaranteed to compete. So the value of your team knowing that you're going to be in all these events should go up.”
– Martin Edel [10:00]
Shift in Ownership & Private Equity
- NASCAR, historically run by the France family, will become more team-influenced, paralleling trends in other major U.S. leagues.
- Anticipated increase in private equity and public investment in teams.
Quote:
“The NFL this year announced they were allowing private equity to buy in. I think you'll see the same phenomenon now with NASCAR teams.”
– Martin Edel [12:58]
2. Private Equity’s Breakthrough in College Sports
[18:12–29:30]
Utah & Otro Capital Deal
- Otro Capital, with deep sports industry experience, becomes the first private equity firm to land a for-profit partnership with a college athletic program (University of Utah).
- Focus: Ticketing, sponsorships, revenue generation
- Significance: Other universities have explored but not finalized PE deals; Utah’s partnership expected to set precedent.
Quote:
“They've struck a deal with the Utah Utes... that's going to see Otro become this essential for profit arm for the university.”
– Randall Williams [19:06]
What Does Private Equity Bring to College Programs?
- Potential for capital investments (stadiums/renovations), improved sponsorships, operational expertise
- Open questions remain about direct value creation beyond revenue expansion
Quote:
“We haven't seen the sort of value that they're going to be able to provide.”
– Randall Williams [22:26]
NIL’s Role and PE’s Effect on Recruitment
- Name, Image, and Likeness (NIL) deals serve as an “equalizer,” but winning programs still hold advantage
- PE may offer tech/data for recruitment, but transformation is uncertain
Quote:
“Private equity is going to have an impact, but the idea that it's going to dramatically impact recruiting, I'm not fully convinced on.”
– Randall Williams [24:19]
Broader Implications
- Increasing privatization and commercial pressure reshaping college athletics
- Anticipated playoff expansion and major schools’ financial self-sufficiency
3. College Football: Notre Dame & Michigan Drama
[24:59–29:49]
Notre Dame’s Playoff Snub
- Discussion on the school’s playoff exclusion despite historical strength; foreshadows likely playoff expansion
Michigan Football Coaching Scandal
- Fallout from coach Sharon Moore’s dismissal over alleged assault and inappropriate relationship
- Impact on recruiting (notably losing high-profile commit Bryce Underwood), program reputation, and future hires
Quote:
“It's a very unfortunate situation. I think that there's a lot of details that remain very murky right now. I'm sure we'll discover in the days and weeks to come.”
– Randall Williams [27:49]
The Ever-Shifting Power of Winning vs. Scandal
- Hosts reflect on how athletic success (“winning dilutes anything that goes on”) can overshadow controversy
4. Sports Business Journal’s Influence 125
[34:09–45:23]
What is the Influence 125?
- SBJ’s annual list of the 125 most influential people in the business of sports, factoring in power across ownership, athletes, media, capital, and change-agents
Evolution of Influence in Sports
- 2000s: “Mom & Pop” era; now: dominance of private equity, foreign investors, and global media empires
Quote:
“[Now] there are private equity names and foreign government names on this list… it's just interesting to see how far we've come and how different power and influence is now versus 25 years ago.”
– Ben Fisher [34:43]
Inside the List-Making Process
- Originates from 21 years of annual “most influential” lists, whittled down after heated debates and discussions
Notable Stat:
Only four figures have made every list: Bob Kraft, Jerry Jones, Roger Goodell, and Gary Bettman. [36:35]
How Influence Is Judged: Money ≠ Everything
- True influence includes:
- Business improvement (ex: Arthur Blank’s impact on Atlanta sports)
- Social/cultural reach (ex: Robert Kraft’s networking)
- Ability to alter industry direction (ex: Serena Williams and Tiger Woods’ transformative effect)
Quote:
“Money is power to a certain extent. A dollar can accomplish something that no dollars cannot. Power and influence aren't quite the same thing...”
– Ben Fisher [37:33]
The Role of Athletes, Broadcasters, and Sponsors
- Few athletes make the top 125 unless they transcend competition with major business or cultural impact (e.g., Williams, Woods); Olympians included for their advocacy and culture-changing actions
- Broadcasters discussed but generally excluded unless they drive major business change (agent Sandy Montag is an exception as a behind-the-scenes influencer)
- Major sponsors like Andrea Bremmer (Ally), Chuck Fruit (Coke, AB-InBev) included based on their industry-shaping spends
The Rise of Private Equity & Foreign Investment
- Increasingly recognized as the core of sports power; future SBJ lists expected to feature even more capital allocators
Quote:
“It seems to make or break companies. Companies that can get an investment from them or on their radar screen seem to have a trajectory that everyone else doesn't.”
– Ben Fisher [43:23]
Memorable Quotes
- “Settlements began, and this is no small coincidence, right after Jim France got off the stand… The 2311 lawyers did a very good job cross examining him.”
– Martin Edel [11:41] - “NASCAR will be more inclusive of the teams in governance, which means the Franz family will have greater limitations on its ability to run NASCAR sort of as a fiefdom.”
– Martin Edel [12:20] - “If Utah was going to do this with someone, I think that Otro is at the top of the list.”
– Randall Williams [19:54] - “The idea that everybody's gonna be paid and such and such school can turn into a powerhouse tomorrow is not true.”
– Randall Williams [24:19] - “The amount of capital is enormous. So they're going to go to public markets or even private equity markets.”
– Martin Edel [12:58] - “Capital is power and influence. And there's other ways to get influence too. But showing up with a multi-billion dollar fund is a great way to get influence.”
– Ben Fisher [43:23]
Timestamps for Major Segments
- NASCAR Antitrust Lawsuit & Settlement: 03:09–14:39
- Private Equity & College Sports (Utah/Otro): 18:12–29:30
- Notre Dame Football Playoff Controversy: 24:59–26:33
- Michigan Football Scandal: 26:33–29:49
- Sports Business Journal Influence 125: 34:09–45:23
Concluding Takeaways
- The settlement between NASCAR and 23XI Racing sets a precedent for increased team say and likely paves the way for a more “franchised” sports model, with higher team valuations and democratized governance.
- Private equity’s reach now extends to U.S. college sports—the start of a new investing era likely to reshape how athletic departments fund and operate programs.
- Influence in sports has diversified beyond team owners and league commissioners, now encompassing athletes making cultural shifts, huge sponsors, and especially the investors fueling modern sports business.
- The episode serves as a primer on how big money and legal power-plays are remaking the sports business landscape, from track to campus to boardroom.