CHARLOTTE, N.C. (AP) — NASCAR has announced a dramatic overhaul of its business model, shifting to a franchise-like system that is intended to provide actual value and financial stability to team owners.

The change gets away from the independent contractor model that is dependent on sponsors which has been used since NASCAR's 1948 inception.

A total of 36 charters will be available to organizations that have fielded Sprint Cup cars in every race since 2013.

A charter guarantees revenue and a position in what will now be a 40-car Sprint Cup field, down from 43.

Every organization is allowed a maximum of four charters.