Which business model equivalent in professional sports grants teams a guaranteed spot and a fixed share of league revenue?

💡 Explanation:

A 'charter' in professional sports, such as in NASCAR, is described as the equivalent of the franchise model used in other sports. This model grants teams a guaranteed permanent spot in the league's top-level competition and a fixed portion of the league's revenue stream. Legal challenges often arise over the governance and monopolistic control of these valuable franchises/charters.