After months of negotiation, NASCAR officially announced its new charter system Tuesday. The system is designed to ensure starting spots in all 36 NASCAR Sprint Cup points paying races and is expected to give team owners equity in the sport beyond the buildings and equipment owned by each.
Team owners represented by the Race Teams Alliance, RTA, and NASCAR have been working to finalize the system since last year. The RTA is headed by Rob Kauffman who recently closed Michael Waltrip Racing and became part owner of Chip Ganassi Racing. The hope was the plan could be in effect prior to the start of the 2016 season. The agreement gives NASCAR Sprint Cup Series Charters to 36 teams. It also establishes a Team Owner Council that will have formal input into decisions, and provides Charter teams with new revenue opportunities including a greater interest in digital operations.
“Today represents a landmark change to the business model of team ownership in NASCAR,” NASCAR chairman CEO Brian France said.