For years, NASCAR hasn’t just been battling TV ratings, the economy, rule changes, or manufacturer shifts. Quietly, there’s been another pressure point building at the edges of the sport: competition. Not the kind that happens on the racetrack, but the one that takes place in the marketplace of attention.

When former Cup Series champion Tony Stewart launched the Superstar Racing Experience in 2021, most fans saw it as a fun, nostalgia-driven summer series. Short tracks, short races, legends racing alongside young talent, it had the energy of old-school Saturday night racing mixed with modern TV polish.

But inside NASCAR headquarters, the tone was different.

SRX wasn’t just another series. It wasn’t small-time. It had big sponsors, major broadcast backing from CBS, and, most importantly, star power that NASCAR no longer controlled. For NASCAR leadership, SRX wasn’t competition in theory; it was competition involving their drivers, their tracks, and their identity.

NASCAR admits it saw Tony Stewart’s SRX as a real threat

This week, in the middle of the Michael Jordan charter lawsuit, NASCAR President Steve Phelps took the stand and let the cat out of the bag. When lawyers asked about SRX, Phelps said the legal team examined it early to see if it broke any trademarks. They decided it didn’t cross the line, so NASCAR left it alone.

Then came the part that made everyone lean in.

Phelps admitted an internal message where he said NASCAR should “stick a knife in this trash series.” He tried to walk it back, saying the frustration wasn’t that SRX existed; it was that Cup owners and drivers were helping it look too much like NASCAR with paint schemes and sponsor stuff that felt too familiar.

He even brought up NBC executive Sam Flood calling after Chase Elliott raced in SRX, warning that it was confusing fans and pulling attention away from the Cup product. That’s not a side hustle anymore. That’s a broadcaster telling NASCAR their own star was making someone else look good.

It wasn’t just business. It felt personal. Tony Stewart, one of the most popular guys the sport ever had, built something that reminded fans what they loved about racing before charters and stages and all the corporate polish. Short tracks, big names, Thursday nights, no points pressure, just racing. People loved it. And NASCAR hated that they didn’t own it.

The lawsuit is about charters and money, but SRX keeps coming up because it’s proof that the sport can be threatened. Teams can’t help a rival series because of charter rules. Tracks can’t host one without permission. Drivers can’t wear the wrong paint without someone upstairs getting nervous. Phelps’ words showed the fear was real: if Tony Stewart can pull fans and sponsors with a summer series, what stops someone from doing it bigger?

While Steve Phelps was explaining why SRX scared them, Kenny Wallace was on his channel saying the quiet part even louder. He thinks the whole fight comes down to one thing: NASCAR is still a family business in a world that’s moved on.

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Kenny Wallace says NASCAR has outgrown being a family business

He gives the France family all the credit for building the sport, but says it’s too big now for one family to run.

“Look at Formula 1, it’s owned by Liberty Media Group. Look at IndyCar. Roger Penske sold a third to Fox Sports.”

Kenny’s point is simple: the biggest leagues share ownership, spread risk, and bring in fresh ideas. NASCAR keeps everything tight, and that’s why teams feel squeezed.

He even said straight up that NASCAR should probably sell. Not because the France family did anything wrong, but because the sport is bigger than any one family now. The charter fight, the lawsuit, the SRX drama, it all comes from the same place.

Teams want a real say. Fans want racing that feels free. And deep down, NASCAR knows Tony Stewart proved you don’t need Daytona to put on a show people love.

Phelps called SRX “trash” because it worked without NASCAR’s blessing. Kenny Wallace looked at the whole picture and said Maybe it’s time for new owners who aren’t afraid of a little competition. Same trial, two different voices, both saying the sport can’t keep running like it’s still 1948.

One admits they tried to kill a rival because it was too popular. The other says sell the place before it kills itself. Either way, the message from inside and outside the courtroom is the same: NASCAR’s grip is slipping, and Tony Stewart’s little summer series showed exactly where the cracks are.