Bubba Wallace
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NASCAR News: 23XI & FRM asking for financial info from F1

Posted by AR1 staff

As the discovery process in the antitrust lawsuit brought by 23XI Racing and Front Row Motorsports continues, the teams want a Colorado court to force Liberty Media to comply with a subpoena to produce financial information.

Liberty Media owns Formula 1. There are no charters in Formula 1, however, there is a Concorde Agreement that originated in the 1980s, and has been frequently updated since. It is a contract between the race teams, the FIA, and Formula 1 covering how the sport is run from a commercial standpoint.

23XI and Front Row want to see documentation from January 1, 2016, through December 31, 2024. Those dates coincide with when Charter Agreements were first introduced in NASCAR.

The information they’re seeking includes:

  • The percentage and types of revenue shared with or among league and teams
  • The formula for splitting each category of revenue among the teams and league
  • The amounts of revenue shared with or restrained by the league and the teams
  • Documents that show the valuations of expansion or current teams
  • The League Constitution, by-laws, and collective bargaining agreement Racer Magazine