Michael Jordan And NASCAR Settle Antitrust Lawsuit

NASCAR and Michael Jordan's 23XI Racing team's court battle is over -- the attorney representing Jordan and Front Row Motorsports in their antitrust lawsuit told a judge the two sides reached a settlement on Thursday.

Jeffery Kessler, who represented the sides suing the racing giant, told reporters outside the courthouse that he believes the settlement will "grow this sport."

"Gonna be great for the teams and for NASCAR, but most importantly, for the fans."

A man speaking on behalf of NASCAR said they are "thrilled that we could deliver this result to all the stakeholders."

Exact terms of the settlement have not been disclosed ... but the two sides said they agreed to "a form of evergreen charters." For those unfamiliar, charters were first implemented into NASCAR in 2016 -- which was their form of franchising.

The settlement came after eight days of testimony in the case.

"Unfortunately, it took 16 months to get here, but I think, level heads got us to this point to where we can actually work together and grow this sport," Jordan said. "I'm very proud of that. And I think Jim [France]  feels the same."

Both 23XI and Front Row accused NASCAR of anticompetitive and monopolistic practices. They sued the organization after being given a "take-it-or-leave-it" offer, or risk losing their spot within the sport.