The legal battle between NASCAR and two of its teams is finally at an end after the three parties reached a settlement agreement in Charlotte, North Carolina, on Thursday.

23XI Racing - the team co-owned by NBA icon Michael Jordan and Cup Series driver Denny Hamlin - and Front Row Motorsports sued the stock car racing series last October, alleging anticompetitive and monopolistic practices.

In the 14 months since, the parties were unable to settle, meaning that the case went to court on December 1st. Now, on day nine of the trial, an agreement has been reached, according to the team's attorney, Jeffrey Kessler.

Kessler told the court on Thursday morning, as per Jeff Gluck: “I’m pleased to say the parties have positively settled this matter in a way that will benefit the industry going forward.”

23XI Racing and FRM reach NASCAR settlement

Day nine of the trial was expected to see NASCAR continue its defense, which started yesterday with the testimony of John Probst, NASCAR's Executive Vice President and Chief Racing Development Officer.

However, when the trial resumed on Thursday morning, Judge Bell told the jury that having met with the attorneys this morning, they needed an hour to see if they could 'save several hours', leaving fans and the media to speculate that a settlement could be imminent.

The court went into recess for over an hour, but when the trial resumed, it was revealed that the parties had indeed settled.

Judge Bell went on to tell the parties that reaching a settlement had been the right thing to do, and that he was very happy to see an agreement reached.

As per AP, Bell also hinted that the agreement is a good thing for the sport: "I believe this is great for NASCAR. Great for the future of NASCAR. Great for the entity of NASCAR. Great for the teams and ultimately great for the fans.”

NASCAR, 23XI and FRM issue joint statement

Shortly after the settlement was reached, NASCAR, along with the two teams, issued the following joint statement.

"NASCAR, 23XI Racing, and Front Row Motorsports are pleased to announce a mutually agreed-upon resolution that delivers long-term stability and creates the conditions for meaningful growth for all teams in a more competitive environment," the statement began.

"This resolution reflects our shared commitment to maintaining a fair and equitable framework for long-term participation in America's premier motorsport, one that supports teams, partners, and stakeholders while ensuring fans enjoy uninterrupted access to the best racing in the world. The agreement allows all parties to move forward with a unified focus on advancing stock car racing and delivering exceptional competition for our fans.

"With this matter now resolved, all parties look forward to working together, alongside all chartered race teams, to deliver world-class events, dynamic sponsorship and partner activation opportunities, and continued growth for generations to come.

"As a condition of the settlement agreement, NASCAR will issue an amendment to existing charter holders detailing the updated terms for signature, which will include a form of "evergreen" charters, subject to mutual agreement. The financial terms of the settlement are confidential and will not be released.

"What all parties have always agreed on is a deep love for the sport and a desire to see it fulfill its full potential. This is a landmark moment, one that ensures NASCAR’s foundation is stronger, its future is brighter, and its possibilities are greater. We extend our sincere thanks to Judge Kenneth Bell and mediator Jeffrey Mishkin for their professionalism, and guidance throughout this process and to their jury for their time."