Here’s how that happened…
On December 30th, Brandonbilt Motorspots announced a new sponsor for the No. 68 NASCAR Xfinity Series car driven by Brandon Brown. LGBcoin signed on to sponsor the team full-time in 2022.
LGBcoin is a meme-coin cryptocurrency. They’re website features the popular phrase, “Let’s Go Brandon!” And it’s already been fitted with images of Brandon Brown’s 2022 car.
The phrase itself was born at Talladega Superspeedway as Brandon Brown took the win. A reporter misheard the “Fuck, Joe Biden” chant from the stands and quoted it back as, “Let’s Go Brandon.”
NASCAR has discouraged use of the phrase at their tracks. They’ve also stated that they intend to legally take down any merchandise using the phrase in combination with official NASCAR branding.
James Koutoulas is the leading holder of LGBcoin.
“We are proud to support Brandon this season, to help him continue his American dream,” Koutoulas said. “If we do our job right, when you think of us, and you hear, ‘Let’s Go Brandon,’ you’ll think and feel, ‘Let’s Go America.’”
LGBcoin has already increased in value, by over 50% since the announcement.
NASCAR approval process: Misunderstandings
NASCAR must approve all sponsors. Beyond that, they approve all paint schemes.
After the announcement, NASCAR stated that the paint scheme had not yet been approved. How did that happen after the deal was already released?
In a statement to Motorsport.com, NASCAR explained that the team, “jumped the gun” in announcing the sponsor.
Brown’s spokesperson Maxwell Marcucci told Fox Business, “After the announcement went live on Thursday morning, NASCAR acknowledged to us late that afternoon that we had received approval but that they now needed to discuss this at a higher level.”
Marcucci says that Brandonbilt Motorsports was sent approval from a NASCAR Racing Operations official on Dec. 26. An opening line in that email read, “The sponsors are approved” according to the team.
Marcucci added, “We will continue to work with NASCAR and look forward to resolving this matter and clearing the air as soon as possible.”
The new car is scheduled to debut at Daytona International Speedway on Feb. 19.