NASCAR Cup Charlotte II
Gibbs: Cup teams looking for "better way forward financially"
NASCAR team owner Joe Gibbs remains upbeat Cup Series teams and the sanctioning body will resolve an impasse over a new revenue-sharing proposal.
Jim Utter
Edited: Oct 11, 2022, 8:54 AM
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In a meeting Friday in downtown Charlotte, N.C., with a small group of media, a negotiating team representing Cup Series organizations said NASCAR had rejected a seven-point proposal it offered which it says would improve teams’ long-term fiscal sustainability.
The group said NASCAR offered a counter-proposal which was described by 23XI Racing part owner Curtis Polk as a “minimal increase in revenue and the emphasis was on cutting costs dramatically.”
The group said it would like a new agreement in place before the expiration of Cup team charters and the current TV deal, which both end in 2024.
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“I think, which happens from time to time in sports, for sure, the ownership of the race teams are trying to look for a better way forward financially,” Gibbs, 81, said. “NASCAR certainly has all the things they have to do financially, talking about tracks and everything they have to do as far as promotion.
“There comes a point where it comes to a point sometimes where it’s negotiating and working together, solving the problems. At some point you generally always reach a conclusion. I think that’s kind of where we are.”
'I’m terrified what happens after Coach (Gibbs) is gone'
During the Friday meeting, Dave Alpern, the president of JGR, talked extensively on the amount of time teams must currently spend on acquiring sponsorship, which is the backbone of the sport’s current business model.
“We are a unique sport in that we are completely dependent on sponsorship. I have the privilege of having a front row seat to who I think may be the greatest sponsorship salesman of all time in Joe Gibbs.,” Alpern said.
“If I’m honest, I’m terrified what happens after Coach is gone. I’m not even talking about making a profit, I’m talking about surviving. This needs to survive to the next generation of Gibbs and the next generation of teams.”
NASCAR issued a statement Friday acknowledging the challenges facing race teams.
“A key focus moving forward is an extension to the charter agreement, one that will further increase revenue and help lower team expenses. Collectively, the goal is a strong, healthy sport, and we will accomplish that together,” it said.
Asked Sunday if there was a conclusion that can be reached to the impasse that is favorable to teams, Gibbs said, “I think there is. I think common sense on both sides and looking at a path forward financially.
“I think that definitely is something that we can do. I think it’s people that really care, they care about the sport. So, hopefully, both sides will go after it and talk our way through this and work our way through it."
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