The sanctioning body has made a final decision about a pending sponsor addition. NASCAR has denied Brandonbilt Motorsports’ request to use LGBcoin, a meme cryptocurrency playing off the Let’s Go Brandon phrase, as a sponsor on Brandon Brown’s No. 68 Chevrolet.
FOX Sports reporter Bob Pockrass first reported the news on Tuesday, January 4. He tweeted that LGBcoin is not an approved sponsor to be on the Xfinity Series car. He also posted a photo from the Xfinity Series rulebook in which NASCAR states that it can determine whether a sponsor is “detrimental to the sport.”
Brandonbilt Motorsports announced at 10 a.m. ET on December 30 that LGBcoin had joined as the primary partner on the No. 68 Chevrolet. Hours later, NASCAR issued a statement to various media members stating that the approval process had not taken place.
Brandonbilt Motorsports countered on January 2 with a statement alleging that NASCAR had approved the addition of LGBcoin. The Xfinity Series team said in the statement that a Racing Operations official had provided “written approval” on December 26.
A LGBcoin HODLer Posted Emails From NASCAR
NASCAR did not issue an official statement on January 4 about the sponsor request denial. However, James Koutoulas, LGBcoin HODLer and founder of Typhoon Capital Management, posted a different interaction on social media.
Koutoulas tweeted out three screenshots on January 4 that featured emails to and from Dale Howell of NASCAR Racing Operations. The first screenshot was an email saying that the “sponsors are approved” while asking for more space around the numbers.
The second and third screenshots showed a scheme submitted to Howell, as well as a message about the paint scheme portal. The designer noted that the scheme was for the season-opening race at Daytona International Speedway.
NASCAR Said a Meeting Took Place About the Sponsor
Multiple media members provided further context about the denial, which involved a meeting. Jeff Gluck of The Athletic reported that NASCAR told Brandonbilt Motorsports in November that it would not approve any “Let’s Go Brandon” sponsorship. He noted that the original request listed LGBcoin as a cryptocurrency.
Gluck’s teammate, Jordan Bianchi, provided even more information. He reported that the meeting in question took place on the day of the Xfinity Series championship race at Phoenix Raceway. Bianchi said that NASCAR informed Brandonbilt Motorsports that it was moving away from allowing political messaging on cars, which fits with an earlier report from Adam Stern of the Sports Business Journal.
If NASCAR does indeed ban political sponsorship, it will have to update the rulebook. This change will potentially take place in the coming weeks as the various national series teams prepare for the season-opening weekend at Daytona International Speedway.
Brandonbilt Motorsports, on the other hand, will have to try to secure a new primary partner in the few remaining weeks before the Xfinity Series season begins. Brown told the Sports Business Journal before the LGBcoin announcement that the now-infamous chant had damaged his marketability. He said that he will always be the “Let’s Go Brandon” guy and that people will only remember how he handled the situation.