"We are disappointed by today’s ruling by the Fourth Circuit Court of Appeals and are reviewing the decision to determine our next step," attorney Jeffrey Kessler said via David

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.

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