NASCAR Chairman & CEO Brian France joined with Monster Energy NASCAR Cup Series team owners on Tuesday, February 9, 2016 in Charlotte, North Carolina, to announce a landmark long-term agreement on an owner Charter system.

The agreement provides teams with an increased business certainty and the ability to work more closely with NASCAR to continue to produce best-in-class racing.

Below are fast facts about the comprehensive agreement.

• This long-term agreement is for nine years.

• There are 36 Charter teams. The number 36 was not pre-determined — NASCAR analyzed which teams showed a long-term commitment to the sport by attempting to qualify every week for the past three years. That criteria yielded 36 Charters. 

• A Charter guarantees entry into the field of every Monster Energy NASCAR Cup Series points race. Qualifying speeds still determine the lineup.

• Monster Energy NASCAR Cup Series fields will shift from 43 cars to 40 cars. That means 36 Charter teams are guaranteed to make every points race, and four non-Charter (or “open”) teams will complete the rest of the field.

• Charter owners may transfer their Charter to another team, for one full season, once over the first five years of the agreement.

• Charter teams are held to a minimum performance standard. If a Charter team finishes in the bottom three of the owner standings among all 36 Charter teams for three consecutive years, NASCAR has a right to remove the charter.

• Teams may sell their Charters on the open market.

• Organizations now have a hard cap of four cars; there will be no fifth car for rookie drivers.