So what exactly is a charter system and why is one needed in NASCAR?
NASCAR officials will formally reveal their new charter system during a Tuesday press conference at the Charlotte Convention Center at 1:30 p.m. ET. Neither NASCAR officials nor the Sprint Cup team owners have disclosed many details about the particulars about what they will announce.
That said, the charter system is expected to be somewhat similar to the medallion system used by taxicabs in New York and many other large cities. To operate a cab in New York, taxi owners have to purchase a medallion that entitles them to do business in the city. Medallions can be sold privately, so if a cab driver wants to retire, he or she can sell that medallion to a new operator.
