A United States appeals court on Thursday vacated a preliminary injunction that allowed Michael Jordan's 23XI Racing and another NASCAR team to be treated as chartered teams, putting the teams' futures in NASCAR in question.

XI Racing - co-owned by NBA icon Michael Jordan and three-time Daytona 500 winner Denny Hamlin - will have to give up their chartered status unless they file a petition

During the May hearing, judges had warned the teams their claim came across as “having your cake and eating it, too.”