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NASCAR reveals new business structure for teams Tuesday

Food City 500 - Practice

BRISTOL, TN - MARCH 15: View of the NASCAR logo during practice for the NASCAR Sprint Cup Series Food City 500 at Bristol Motor Speedway on March 15, 2014 in Bristol, Tennessee. (Photo by Jerry Markland/Getty Images)

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CHARLOTTE -- NASCAR will announce its new charter system in a news conference tomorrow at 1:30 p.m. with CEO Brian France and “key industry executives.”

Multiple people with knowledge of the deal but not authorized to speak about it publicly said France will unveil the new plan that is intended to guarantee financial stability and security to teams.

NASCAR and team owners apparently reached an agreement on finalizing the deal last Friday after having a series of productive meetings in late January.

The Sports Business Journal has reported it would be for five years with a four-year option.

NASCAR and Race Team Alliance chairman Rob Kauffman, who has been brokering the charters deal on the team side, both had expressed confidence in recent weeks that the deal would be completed.