"That's not Joe Gibbs' fault" - Kenny Wallace defends JGR as FedEx rumored to leave Denny Hamlin amid $4B budget cuts

Former NASCAR driver Kenny Wallace weighed in on recent reports suggesting that FedEx, a longtime sponsor of Denny Hamlin and the #11 Toyota team at Joe Gibbs Racing, may scale back its partnership and conclude the sponsorship deal altogether.

FedEx has been one of Joe Gibbs Racing's longtime sponsors, serving as the primary sponsor for the #11 team since 2005. The Memphis-based logistics company sponsored the team for the full 38-race schedule until 2021 before gradually reducing its support.

According to a recent report from the Sports Business Journal, FedEx may conclude its partnership with JGR next year amid broader cost-cutting plans aimed at saving $4 billion by 2025. The report has sparked speculation among NASCAR fans about the future of Hamlin and the #11 team in the sport.

Kenny Wallace shared his opinion on the situation, squashing rumors about Hamlin's future being in danger. Wallace emphasized that FedEx cutting back on its expenses isn’t Coach Gibbs’ fault and expressed confidence that the team owner will be actively seeking new sponsors.

"I can hear people right now. That's it. Joe Gibbs is failing. But no, they're not. They knew it was coming. Because here's why, FedEx has been cutting back since, well, for a long time... So what I read was FedEx had to reduce their budget, like something like $5 billion, some crazy number. But the stock they've been doing good in the stock market. So I think FedEx just got business issues, and that is not Joe Gibbs' fault," he said on his "Coffee with Kenny" segment. [3:05]

FedEx has served as the primary sponsor on Hamlin's #11 Toyota for 10 races this season, including this weekend's race at Kansas Speedway. Mavis Tires & Brakes, Sport Clips, Interstate Batteries, and Yahoo filled the remaining spots in the schedule.

Denny Hamlin signed a multi-year contract last season, indicating that his future with the team remains secure despite the potential loss of a longtime sponsor. Over their 19-year partnership, Hamlin has clinched three Daytona 500 victories, however, championship success eludes the successful driver-sponsor duo.

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Kenny Wallace insists Joe Gibbs' recent partner will keep the #11 team afloat

In 2023, JGR announced that it had received significant investment from Harris Blitzer Sports & Entertainment (HBSE) and Arctos Partners. The Philadelphia 76ers and New Jersey Devils owners took up a minority stake in the NASCAR team last season, foraying into stock car racing.

Kenny Wallace reckons Coach Gibbs' latest partners will not let the #11 team fail. He added in the same "Coffee with Kenny" video that JGR has substantial backing and FedEx's potential departure will not impact the team.

"Harris Blitzer Sports Entertainment invested in Joe Gibbs in 2023. Don't kid yourself. All these big cup teams are huge businesses. Remember Richard Childress Racing has a partner. Jack Roush has a partner. Joe Gibbs has a partner. There's a lot of money in this sport, so don't get too high on your horse that Joe Gibbs Racing gonna fail. They're not going to fail." [5:10]

Denny Hamlin continues to fight for his maiden NASCAR Cup Series championship despite the off-track drama, including his team 23XI Racing's ongoing charter negotiations and uncertainty surrounding the #11 team's future sponsorship.