NASCAR nixes Brandon Brown sponsorship with crypto company LGBcoin

One of the rising stars in professional stock car racing lost a sponsorship cover this week because the cryptocurrency ship’s company behind the partnership draws its roots from a dissentious political motto — ” Let ‘s Go, Brandon ” — that has become a bourgeois catchphrase for cursing against President Joe Biden. NASCAR driver Brandon Brown announced final week that he signed a sponsorship with, a newly created meme cryptocurrency similar to Dogecoin. The softwood included Brown racing this year with the LGBcoin logo painted on his car. Brown, 28, drives a Chevrolet Camaro for Brandonbilt Motorsports. however, top officials at NASCAR rejected the patron and key system on Tuesday afternoon, a source with cognition of NASCAR ‘s decisiveness told CBS MoneyWatch.

Both the “ team owner and driver were told on Nov. 5 in an in-person merging that no phase of this derogative and common euphemism would be allowed on any paint system or sponsorship, ” the reservoir said .

Brandonbilt did n’t respond to a request for comment Wednesday about the sponsorship. NASCAR besides declined remark. Brown found himself stab into the national spotlight recently after a post-race interview he gave in October unwittingly spawned the phrase “ Let ‘s go, Brandon ” — a veil insult to President Biden that has since become a newfangled mantra among some republican conservatives .

After winning his first Xfinity Series slipstream at the Talladega Superspeedway in Alabama, Brown was being interviewed by a television reporter when the crowd behind him began chanting. While the reporter suggested they were saying “ Let ‘s go, Brandon ! ” it soon became clear that the push was chanting a coarseness at Mr. Biden. After the consultation, the “ Let ‘s Go Brandon ” motto soon became code for an abuse toward Mr. Biden. Its name however, LGBcoin does n’t admit to any connection with “ Let ‘s Go Brandon ” as an attack on Mr. Biden and alternatively, on its web site, calls the cryptocurrency “ not inherently political. ” The coin foremost appeared in early November and immediately has a grocery store cap of roughly $ 180 million, according to CoinMarketCap.

LGBcoin founder James Koutoulas said in a statement concluding month the company wanted to sponsor Brown because he ‘s “ an fabulously talented driver ” and “ wise beyond his years. ” The sponsorship ‘s finish was to market Brown as “ America ‘s Driver, ” 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, ‘ ” Koutoulas said when beginning announcing the sponsorship. The newly painted Brown-LGBcoin car was scheduled to debut following month at Daytona International Speedway. In an op-ed published last calendar month in Newsweek, Brown said he has “ no sake in leading some political battle. ”screen-shot-2022-01-05-at-1-38-40-pm.png NASCAR driver Brandon Brown poses in front of a newly painted translation of his Chevrolet car. Brown had a sponsorship with that was belated nixed by NASCAR .
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still, the Let ‘s Go Brandon incident serves as the latest model of NASCAR nipping something highly political in the bud. The league has spent the past two-plus years reworking its   identity into a sport that ‘s more welcome to a divers crowd of race fans. In June 2020, following countrywide protests over the death of George Floyd, NASCAR permanently banned the presence of Confederate flags from its events, because it said the symbol ran contrary to the league ‘s goal of “ bringing people together around a love for racing. ”

That decisiveness was prompted by Bubba Wallace, NASCAR ‘s merely Black full-time driver, who had called for the flag to be banned. Wallace, besides 28, has led most of the racial justice changes that NASCAR has implemented in late years, including the Confederate flag removal, ESPN reported. A year late, Wallace became lone the second Black NASCAR driver to always win a Cup Series, behind Wendell Scott in 1963 .
Khristopher J. Brooks
Khristopher J. Brooks is a reporter for CBS MoneyWatch covering occupation, consumer and fiscal stories that range from economic inequality and house issues to bankruptcies and the business of sports .

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