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23XI, FRM attorney Jeffrey Kessler gets major charter admission out of NASCAR CEO Jim France

JHby: Jonathan Howard9 hours agoJondean25

The final witness for 23XI Racing and Front Row took the stand today. Jim France, owner and CEO of NASCAR, testified. He was asked about his opposition to charters among other topics. Attorney Jeffrey Kessler pinned him down on a key point.

Jim France has been labeled as the “big bad” in this lawsuit. Jeffrey Kessler, as 23XI Racing and Front Row’s attorney, is trying to paint France as the main force behind the anticompetitive behavior at NASCAR. Particularly when it comes to charters and making them permanent.

Kessler pressed Jim France on his opposition to permanent charters. After a bit of back and forth, it sounds like Kessler got his point across.

“Kessler tried to get France to concede he was the key impediment to permanent charters, or that at least his execs said he was; he disagreed with Kessler’s phrasing but admitted he said no to permanence,” Adam Stern of Sports Business Journal reports. “Kessler then asked, ‘No means no, correct sir?’ France responded, ‘Yes.'”

While Jim France didn’t admit he was the main force against permanent charters, it is clear he wasn’t for them. As CEO and owner of NASCAR, the buck more or less stops with him. So, we will see how impactful it is in the end. With France concluding his testimony, the Plaintiffs will rest their case.

Jim France questioned over salary, ownership stake

Today was perhaps the most anticipated day of testimony. Commissioner Steve Phelps, Richard Childress, and Jim France all took the stand today. Soon, NASCAR will present their defense to the court.

“Jim France has taken the stand as the last witness for plaintiffs, with France confirming that his salary is around $3.5 million annually and his side of the family owns 54% of France Enterprises Inc., which is the holding company of NASCAR (Lesa France Kennedy’s side owns 46%),” Adam Stern of Sports Business Journal reported.

So, the France family owns 100% of NASCAR. Jim France owns a majority stake of the company, with the France-Kennedy family owning a slightly smaller minority stake. While France admits he makes $3.5 million annually, it was revealed that his family took in $397 million between 2021 and 2024 to their family trust.

Steve Phelps testified that about 75% of that $397 million figure was used to pay taxes. That leaves roughly $99,250,000 leftover to the France Family trust.