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NASCAR CEO Steve O’Donnell and 23XI Racing driver Tyler Reddick sat down with Bloomberg’s Hannah Elliott at Bloomberg Power Players 2026 in New York yesterday, offering a candid look at where the sport stands commercially and where O’Donnell wants to take it next.
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The conversation covered everything from the rising value of NASCAR teams to the CEO’s ambition to build the kind of off-track storylines that have helped Formula 1 capture a new generation of fans globally.
NASCAR CEO Reveals What a Team Could Be Worth Today
When Bloomberg’s Hannah Elliott asked O’Donnell directly about current NASCAR team valuations, the CEO was candid about the range of figures circulating in the industry. “It depends on who you talk to,” the 57-year-old said. “The last one I heard was potentially 100, but the potential is there. There’s not a lot of sellers right now, which I think is good.”
The figure O’Donnell referenced, potentially $100 million, reflects growing commercial appetite for NASCAR assets, with a wave of high-profile ownership groups entering the sport in recent years. The NASCAR CEO pointed specifically to Fenway Sports Group (co-owner of RFK Racing), owners of the Boston Red Sox and Liverpool FC, as an example of the expertise new ownership can bring.
“We have a lot of different companies come in, some private equity or Fenway [Sports Group], who are going to be able to help the sport because [of their] expertise,” he added. “And what expertise can we share and learn and apply?”
Building Rivalries Like Formula 1
Perhaps the most striking part of O’Donnell’s comments came when he turned to the subject of storytelling and rivalries, drawing a direct parallel to what Formula 1 has done so successfully in recent years, particularly through the Netflix series Drive to Survive, which transformed team principals into household names and turned behind-the-scenes tension into must-watch television.
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O’Donnell made clear he wants NASCAR to tap into a similar vein, and he used Denny Hamlin as a pointed example of exactly the kind of personality the sport should be amplifying rather than suppressing.
“Go back to Formula 1, the storytelling they did, not just around the drivers, but the team principals. And we got to do that,” O’Donnell said. “If Denny Hamlin wants to take a shot at another team owner that we have, they should be in the media center next week talking about it. Let’s build up those rivalries.”
Hamlin, who co-owns 23XI Racing alongside NBA legend Michael Jordan, has never been shy about voicing strong opinions on NASCAR’s direction, making him a natural candidate for the kind of outspoken team principal role that figures like Christian Horner (former Red Bull team principal) and Toto Wolff (Mercedes team principal) have occupied in Formula 1.
Reddick, who drives for Hamlin and Jordan’s team, was also present for the conversation, giving the Bloomberg appearance an added layer of relevance given 23XI’s own profile as one of the sport’s most high-profile and commercially ambitious teams.
O’Donnell’s comments at Bloomberg Power Players reflect a NASCAR leadership that is increasingly looking outward for inspiration, without losing sight of what makes the sport distinctly its own. As he put it: “We do some things the right way. I don’t want to imitate anyone, but I certainly want to learn from them.”
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This story was originally published September 11, 2026 at 3:15 AM.