AREA Announces Updates to Charter Transactions

March 6, 2024 —

In a strategic move towards greater transparency and fairness, AREA is proud to unveil significant updates to its charter transaction rules within the AREA Cup Series, AREA Pro Series, and AREA Truck Series.

Key Highlights:

1. Charter Transaction Period Declaration: Owners are now mandated to declare their intent to list charters for sale in each series by April 1st, fortifying transparency and providing a foundation for a more equitable sale process.

2. Publication of Available Charters: AREA will compile and release an extensive list of upcoming available charters, complete with owner contacts. This initiative aims to empower potential new owners and foster league growth.

3. League Growth and Accessibility: The primary objective is to inform aspiring owners about available charters, thereby enhancing league growth, particularly benefiting those who may lack the necessary knowledge and connections to contact charter holders directly.

4. Fair Market Evaluation: Owners can assess the entire charter market during the designated transaction period, fostering informed decisions without artificially inflating charter prices.

5. Owner Discretion: Owners retain the autonomy to sell their charters to the buyer of their choice, with the new process serving as a guide to ensure awareness of all available options in the market.

6. Voiding of Transactions Outside Transaction Period: Any charter sales or purchases outside the designated Charter Transaction Period will be void, underscoring the importance of adherence to the stipulated timeframe.

7. Incentives for Returning Teams and Base Cost for Awarded Charters: Returning teams listing unsold charters retain them without penalty. AREA will implement a base cost of $20 per charter for those awarded through the team owners' vote at the end of the transaction period, specifically applying to open charters resulting from relegation. Collected fees will be evenly distributed among owners who did not list their charters for sale and are returning in each specific series, fostering both sales and league loyalty.

AREA is confident that these updates will contribute significantly to the continued success and competitiveness of the esteemed racing league. The implementation timeline for these changes aligns with the transition from Season 5 to Season 6, with the league anticipating an exciting and fair charter transaction period.

For more detailed information, please refer to the official AREA statement released on March 6, 2024.

Stay tuned for an exhilarating racing season ahead!