CHARLOTTE, N.C. — NASCAR teams boycotted a scheduled Wednesday meeting with series leadership as a show of frustration over the slow pace of negotiations on a new business model.

Three team representatives told The Associated Press on the condition of anonymity that the owners collectively decided to skip the quarterly meeting because they don’t believe NASCAR has negotiated in good faith. The request for anonymity is due to the sensitivity of the negotiations.

The owners went public last October with their frustration over what they consider a broken business model in which racetracks and NASCAR make the bulk of the money and teams are forced to fund their organizations through outside sponsorship.

NASCAR has said it is willing to work with the teams on financial security, and reiterated that commitment Wednesday after no owners showed for the meeting.

“NASCAR is committed to open and productive dialogue on a regular basis with all industry stakeholders,” NASCAR said in a statement. “We remain committed to continuing discussions in the spirit of collaboration and with the shared goal of growing our sport for the benefit of all stakeholders.”