NASCAR Media Rights: In a press conference held at Phoenix Raceway, NASCAR President Steve Phelps and NASCAR’s Chief Operating Officer Steve O’Donnell addressed several critical issues and provided insights into the sport’s future direction.
One of the most significant challenges facing NASCAR is the negotiation of new media rights agreements. The last deal was struck in 2013, with an extension signed in 2015 with NBC and Fox through 2024. This media rights deal is a substantial source of income for NASCAR and its teams. While the rights to the Xfinity series have been announced, with the series set to be broadcast on the CW starting in 2025, the media rights for the rest of the sport remain uncertain. Various networks, including Amazon and Warner Brothers, have shown interest. Phelps emphasized that the interest in securing media rights for 2025 and beyond has exceeded expectations, and a combination of broadcast, cable, and streaming options is being explored.
Another critical issue is NASCAR’s Charter system, introduced in 2016, which guarantees team owners entry into races and the accompanying purse money. With the current extension set to expire soon, negotiations are ongoing between team owners and NASCAR to extend the Charter system. While team owners aim for a long-term commitment, NASCAR has yet to confirm its plans. Phelps stated that the goal for race teams is to be competitive, break even, and increase their enterprise value through the Charter system.
The discussion also touched on the Next Gen racecars’ second season. NASCAR has focused on safety improvements and increasing the competitiveness of teams, with a greater number of drivers and organizations able to compete for wins. The 2023 season saw 15 different winners and ten of the 16 organizations securing race wins.
The executives also confirmed NASCAR’s intention to maintain a presence in Southern California, despite the demolition of Auto Club Speedway. While a permanent venue is planned for the Inland Empire, the timing is uncertain due to factors like inflation and costs. The focus is on building a half-mile racetrack to continue serving the Southern California market.
Addressing the issue of driver personalities and drama, O’Donnell acknowledged the need for NASCAR to showcase driver talent more effectively on the racetrack and in storytelling. While NASCAR aims to be a sport focused on racing and showcasing athlete talent, he emphasized the importance of better storytelling.
As for the future of NASCAR racing, the potential for electrification was discussed. The sport is exploring various technologies, including electric cars and hydrogen racing, to keep pace with evolving automotive industry trends.
The question of new manufacturers entering NASCAR was also addressed. While Chevrolet, Ford, and Toyota currently compete in the sport, there is interest from potential new partners. NASCAR is in dialogue with existing Original Equipment Manufacturers (OEMs) to adapt to evolving automotive technologies and explore new partnerships.
In summary, NASCAR’s leadership discussed the challenges and opportunities facing the sport, from media rights negotiations to the Charter system, showcasing driver talents, and exploring new technologies and partnerships. The future of NASCAR holds exciting possibilities as it adapts to a changing automotive landscape.
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Our Reader’s Queries
What is the new media rights deal with NASCAR?
In a groundbreaking deal, the NASCAR Cup Series has signed on two new broadcast partners, Prime Video and TNT Sports, who will share coverage of 10 midseason races starting in 2025. These partners have also secured exclusive rights to practice and qualifying sessions for the entire Cup Series schedule until 2031. This move is set to bring fresh perspectives and exciting new coverage to the world of NASCAR racing.
Who owns the TV rights to NASCAR?
NASCAR has recently announced a new seven-year media rights agreement with four broadcast partners, namely Fox Sports, Amazon Prime, Warner Bros. Discovery, and NBC Sports. This deal will enable these partners to broadcast live coverage of all NASCAR Cup Series races from 2025 to 2031. This is a significant development for NASCAR fans who can now enjoy uninterrupted coverage of their favorite races. The agreement is expected to bring in more viewership and revenue for NASCAR, making it a win-win situation for all parties involved.
What media rights does NASCAR have in 2025?
Starting from the 2025 NASCAR Cup Series season, there will be seven-year agreements with four broadcast partners – FOX Sports, NBC Sports, Amazon’s Prime Video, and TNT Sports (a division of Warner Bros. Discovery). These deals will continue until the 2031 season.
How much is the NASCAR TV deal worth?
According to SBJ, the new deal is worth 40% more than the current 10-year, $8.2 billion deal that NASCAR has with Fox and NBC. This current deal is set to expire at the end of the 2024 season.
