Jimmie Johnson-owned Legacy Motor Club might have suffered from a major loss in collateral damage from the ongoing NASCAR charter lawsuit. LMC has been interested in expanding its Cup Series operation with a third full-time entry, and recently finalized a deal with Rick Ware Racing.

They successfully acquired a third charter for the 2026 season for an estimated $45 million. But NASCAR CEO Jim France’s “no bueno” text, which was revealed during the antitrust lawsuit’s trial, hints that the team might have lost millions in terms of the charter value.

Jimmie Johnson’s undervalued charter purchase highlighted in a major revelation

As the lawsuit trial is full on fire right now, crazy revelations have been coming in every day. Many text conversations from the sport’s top authorities were published before the trial. One of the conversations with NASCAR exec Scott Prime revealed that Jim France had not been in favor of permanent charters for teams.

And when the teams demanded it, he simply responded with “no bueno.”

But that’s not the shocker.

Interestingly, if those charters were made permanent, which the teams ultimately wanted, today, each charter could be valued up to $100 million, as Scott Prime mentioned. This puts Jimmie Johnson’s purchase of the $45 million charter largely undervalued.

Among other important figures, Joe Gibbs is one of those who has actively voiced out his opinion to make the charters permanent.

“I have repeatedly expressed my strong desire for the charter system to become permanent in nature, and I continue to hold out hope that will one day be the case. Doing so would, in my view, solidify the financial health and well-being of the Cup teams and the sport as a whole,” Gibbs said.

Nonetheless, as of now, NASCAR doesn’t plan on doing that anytime soon.

Even though teams pay millions to earn a full-time entry in the Cup Series through the Charter Agreement, none of the charters are actually permanent. They are more like limited contracts that can last as long as the current Charter Agreement. This can be up to a few years. Currently, there’s a seven-year extension given to the teams till 2031. The same one that 23XI and Front Row Motorsports have refused to sign. 

And even if the teams wanted to transfer charters, nothing can be done without NASCAR’s approval.

NASCAR accused of making profits at teams’ expense amidst charter debate

The reason 23XI Racing and Front Row Motorsports filed the lawsuit against NASCAR, refusing to sign the new charter agreement, is because of the ‘monopolistic nature’ of the sport, as they claim.

And as for charters, they are essential in the sport ever since their introduction in 2016. They promise teams guaranteed entry in all races during the Cup Series season. Moreover, the teams are also given a part of the profit that NASCAR makes from the media and broadcasting. However, the teams have also asked for a larger part of the cake from the sport, citing the cost of maintaining the cars.

In the trial recently, Jeffrey Kessler (representing the plaintiff teams), claimed that most teams in the 2024 season suffered from losses, while NASCAR enjoyed a major profit.

“What the evidence is going to show is Mr France ran this for the benefit of his family at the expense of the teams and sport,” Kessler told the court.

This is also understood to be one of the reasons why NASCAR hasn’t made the charters permanent. Because if their value had indeed gone above $100 million, as Prime indicated, the sport would lose the control and authority over the system that they have built all these years.