"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 federal appeals court ruled in favor of NASCAR on Thursday in the sanctioning body’s ongoing legal battle with Michael Jordan’s 23XI Racing and Front Row Motorsports. The Fourth Circuit of Appeals in North Carolina overturned an injunction that allowed the teams to race as chartered teams as their lawsuit against NASCAR proceeded.

XI Racing - the NASCAR team co-owned by Michael Jordan - face losing tens of millions of dollars after a recent court ruling. That is according to Cup Series star Denny Hamlin, who is also a co-owner of the team,