Cassill announced the news on January 18 with two tweets. He explained that he will not be at Kaulig Racing full-time in 2023 while explaining that sponsorship was the primary hurdle. Cassill did not detail whether he will run part-time at all as part of this altered schedule.
“Unfortunately, I won’t be driving the 10 car full time this year. However, my quest to win in NASCAR continues,” Cassill tweeted. “Sponsorships drive my business, and my sponsors over the last two years have been through a lot. Rebuilding will be my top priority.
“During this period, I’ll be training and preparing for the opportunity to win. Thanks to @C_Rice1 and @MattKaulig for the shot in 2022, and for being a great team.”
Cassill’s Primary Sponsor Filed for Bankruptcy
Cassill has worked with one primary partner, Voyager Digital, since 2021 when he drove for JD Motorsports. The company helped him compete full-time in the Xfinity Series, and it followed him over to Kaulig Racing in 2022.
Cassill was able to take on the full 33-race schedule in 2022, but issues for his sponsor arose in July of that year. Voyager Digital filed for Chapter 11 bankruptcy after a “crypto winter” in which cryptocurrencies lost $2 trillion in value dating back to 2021, as well as a defaulted loan of 15,250 BTC and $350 million USDC to Three Arrows Capital.
Voyager Digital originally had the plan to sell its assets to FTX, but that company also filed for Chapter 11 bankruptcy while former CEO Sam Bankman-Fried was arrested in the Bahamas on charges of fraud.
The most recent update involves the US arm of Binance, another cryptocurrency exchange. According to Business Insider, Voyager Digital has won “initial court approval” to allow it and Binance to move forward with a planned $1 billion agreement, which includes a $20 million cash payment and a transfer of Voyager’s customers.
Kaulig Racing Previously Announced Cassill’s Return
Race fans have anticipated Cassill’s return to the No. 10 since early October 2022. This is when team president Chris Rice told reporters that the veteran would return for another season.
Rice provided the update after the trip to Talladega Superspeedway where Cassill turned in a third-place finish. This was his 10th top-10 of the season, and it created optimism about how he could perform with another full season at Kaulig Racing.
The 2022 season was the best of Cassill’s career. He had strong equipment, and he used it to secure 12 top-10 finishes and five top-fives. He finished 13th in the standings after narrowly missing the playoffs due to a mechanical issue in the regular-season finale at Bristol Motor Speedway.
The situation has now changed. Cassill will no longer compete full-time in the No. 10 Chevrolet Camaro due to funding. Now he will try to prepare for future opportunities while Kaulig Racing will face questions about the future of its third Xfinity Series entry.