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Michael Jordan confirmed his racing ownership on Monday after purchasing the NASCAR 23XI racing team. Jordan is the first African-American majority owner of a full-time NASCAR racing team since renowned driver Wendell Scott.
Denny Hamlin, a long-time driver and part-owner of the two-car team, and Bubba Wallace are committed to racing for the team in the NASCAR Cup Series.
Michael Jordan is, without a doubt, one of the best NBA players to ever step onto the floor. Apart from his abilities on the court, he excels in the business world as well.
A reputable writer recently reported the 'amazing' sponsor money Jordan and Denny Hamlin's co-owned team was pulling this year.
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Given that the Bubba Wallace-led team has only been in the sport for three years, the financial picture appears to be promising. DoorDash, Monster Energy, and McDonald's are among the team's other partners.
NASCAR Xfinity has signed on as a new sponsor of 23XI Racing, which is controlled by Michael Jordan and Denny Hamlin. The contract includes a major sponsorship of the No. 45 Toyota at Atlanta Motor Speedway next month. It also has activities for Xfinity Rewards members throughout the 2023 season.
These activities include pitbox VIP access and driver meet-and-greets with Tyler Reddick and Bubba Wallace.
Within the last week, 23XI has gained Walmart and Comcast as partners; sources estimate that the two-car team has around $30 million in sponsor money this year. It is a rather good haul by contemporary NASCAR standards, especially for a team in its third year.
The 23XI Racing team is currently in its early stages. But, based on their financial performance over the last three years, things look promising for the future. Now that they are financially secure, all they need to focus on is the racing side of things.
At this stage, they require results. Bubba Wallace has never made the playoffs in their whole career. Kurt Busch, their other driver, won a berth in the 2022 playoffs with his win at Kansas Speedway. Yet, with his departure from full-time racing, the liability is now on the newcomer, Tyler Reddick.
NASCAR fans react to new $30 million sponsorship
Following the announcement of 23XI Racing's sponsor value, fans rushed to social media to share their comments. Fans expressed a range of emotions.
Several people applauded the team and Bubba Wallace for the remarkable $30 million figure. Others, meanwhile, questioned the team's poor performance despite having a reasonably strong cash flow.
Apart from money, people acquainted with NASCAR's inner workings believe Hamlin will be critical to Jordan and Wallace's goal to control the sport. Hamlin, who now drives the No. 11 car for Joe Gibbs Racing, provides a wealth of racing knowledge and experience. Hoping that with all of this cash poured into the squad, they will be able to achieve some level of success.
