In a significant development for the NASCAR Cup Series, all but two of the 15 team owners have signed a multiyear extension of their charter agreement with the stock car racing sanctioning body. This breakthrough marks the potential end to several years of bitter and contentious negotiations that have taken place behind closed doors.

According to trusted sources who spoke on the condition of anonymity, NASCAR had imposed a deadline of midnight Friday night for teams to sign the agreement. Any holdouts were warned about the possibility of losing their existing charters. Faced with the risk of such a loss, most teams made the decision to sign the agreement, bringing the standoff to a close.

The two teams that have not signed the charter agreement are 23XI Racing and Front Row Motorsports. Both teams jointly own four current charters, which function similarly to franchises in other sports. It is expected that they will also acquire an additional charter for the year 2025.

Negotiations for the new charter deal have been intensified by NASCAR recently, prompted by the upcoming start of the Cup Series playoffs this Sunday at Atlanta Motor Speedway. The teams received a proposal last week and were given the Friday deadline to finalize the negotiations.

The value of a charter in NASCAR ranges from $30 million to $50 million, depending on its worth. This financial stake played a significant role in compelling most teams to sign the agreement, as they could not risk losing their charters without receiving any compensation.

Both 23XI Racing and Front Row Motorsports have expressed their reluctance to sign the charter agreement. In an official statement, 23XI Racing stated that they did not have a fair opportunity to negotiate a new charter contract and urged NASCAR to engage in constructive discussions to address their concerns.

The importance of the charter agreement is highlighted by several team owners, including Brad Keselowski of RFK Racing, who emphasized the commitment to the sport and the desire for stability. Keselowski mentioned the significance of the recent media rights deal worth approximately $7.7 billion, which would financially benefit the teams.

The completion of the new charter agreement follows the seven-year media rights deal that will come into effect in the 2025 season. This deal involves Fox Sports, NBC Sports, Amazon Prime, and Warner Brothers Discovery, with teams set to receive a greater share of the revenue compared to the previous agreement.

While the charter agreement negotiations may have come to an end, the future of 23XI Racing and Front Row Motorsports remains uncertain. The teams' decision not to sign the agreement raises questions about the status of their charters and their standing within the NASCAR Cup Series.

As the dust settles on this monumental development, it remains to be seen how the charter agreement will shape the landscape of NASCAR in the coming years. The completion of this deal brings a sense of closure to the prolonged negotiations, paving the way for a more stable and competitive future for the teams involved.