Days after shocking $40M auction, Denny Hamlin spills secrets about Michael Jordan’s NASCAR team expansion

There are a few factors that are rising in today’s world: global temperatures and inflation. The latter entered the sports world long ago, including NASCAR. The most recent example is the sale of BJ McLeod’s NASCAR Cup Series charter to Spire Motorsports for $40 million. The franchise’s value reportedly jumped from a few million dollars to $40 million, shocking many involved in the sport.

During a recent episode of the Toxic Action podcast, NASCAR Cup Series driver and team owner Denny Hamlin offered his two cents on the matter. Hamlin co-owns 23XI Racing with NBA legend Michael Jordan. The team has had an exceptional season, with both drivers making it to the Round of 12 and one of them even earning a great win in the second round of the Round of 16 in Kansas.

Denny Hamlin reveals costly task as team owner

Speaking of the $40 million sale, Hamlin said the rising prices made him feel comfortable with the recent investment in his racing team. With a team that performs well this year, the resale value will be much higher than B.J. McLeod’s franchise contract.

“If that’s true, I feel a lot better about my investment, right? If it’s true that it works as advertised. And if you combine what we’re paying for both, you know, just over a few years Before, then yes, I like that my investment has turned out well so far. But what it really does is, you know, until you sell it, it’s worth nothing.” said the 23XI Racing owner.

The 42-year-old also pointed out the challenges that team owners must face when fielding a relatively new team in an event such as the cup competition. Motorsports costs are high, and NASCAR is no exception. If a team wants to compete at the highest level, it must have substantial and stable financial support, and the best way to do this is through sponsorship.

Without sponsorship, the flow of money is affected and it is impossible for smaller teams to compete with the heavyweights at the highest levels. Until large amounts of sponsorship money continue to flow in, owners will have to pay out of their own pockets to keep the teams afloat. This is an important factor to remember when wondering why charter flights cost so much.

Hamlin also said team owners who have been in the sport for a long time should receive a substantial franchise fee. The JGR rider mentioned his boss Joe Gibbs today as well as some of the heavyweights in the sport.

Joe Gibbs star says legendary franchise should be worth ‘a big number’

“The value of the franchise is a good thing because owners like Rick Hendrick, Joe Gibbs, Roger Penske and Richard Childress have been around for so long, They should be paid for their decades-long commitment to the sport, right? “Their franchise deserves some value, a big number,” Joe Gibbs Racing added.

Later on the podcast, Hamlin revealed that it’s difficult to determine the value of a team that’s been involved in the sport for a long time. Teams such as Hendrick Motorsports, Joe Gibbs Racing and Richard Childress Racing are among the greatest teams in motorsports history.

So if any of the aforementioned owners decide to sell their teams, the prices they sell for will be very interesting. How much do you think a team like this could fetch in this day and age? Let us know what you think.

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