NASCAR and Monster Energy NASCAR Cup Series teams have reached a multi-year agreement to continue the revenue sharing and rule-making charter system, according to multiple reports.

“The Charter agreement is delivering stability and long-term value to existing team owners while providing a clear path for ownership in the NASCAR Cup Series,” NASCAR President Steve Phelps said. “We are pleased to have reached an agreement with the team owners that extends the length of the Charter system until 2024. A healthy ownership structure ensures strong, competitive racing for our fans, which is a goal the industry collectively shares.”

The agreement means each of the 36 cars will be guaranteed starting spots in each race. Each team will also receive an increase in revenue generated from NASCAR, tracks, media, and digital rights, meaning chartered teams will now have a 6.5% stake in the revenue, an increase of 1.5%.

Additionally, funds in the race purse—approximately $2.8 million—previously allocated for non-chartered teams will be directed toward charter teams, according to published reports. Teams will also have to agree on rule changes and related matters. The agreement continues to allow NASCAR and team owners to view each car as its own sports entity, similar to FIA Formula 1’s Concorde Agreement.

In related NASCAR news, the organization has renamed the Monster Energy NASCAR Cup Series championship trophy as the Bill France Cup to honor Bill France Sr., who founded NASCAR in 1947, and his son Bill France Jr., who served as a chief executive from 1972 to 2003.

For more information, visit nascar.com.