NASCAR Community Firmly Believes That Denny Hamlin’s Partner, After Suffering a $500-Million Setback, Is Quitting Amid Latest Announcement
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BRISTOL, TN – SEPTEMBER 17: Denny Hamlin (#11 Joe Gibbs Racing FedEx Ground Toyota) looks on during pre-race activities before the NASCAR Cup Series Playoff Bass Pro Shops Night Race on September 17, 2022, at Bristol Motor Speedway in Bristol, TN. (Photo by Jeffrey Vest/Icon Sportswire via Getty Images)
The NASCAR business is tricky—not just for the organization, but for team owners, sponsors, suppliers, and other parties with vested interests. With the governing body frequently implementing changes in its directives, it only gets harder. Besides, inflation has hit both small- and large-scale businesses alike. It is all about survival and apparently, one of Denny Hamlin‘s sponsors is struggling with the same.
Denny Hamlin is one of the most talked-about personalities in the Cup Series right now. When Kyle Busch‘s departure from Joe Gibbs Racing was confirmed last season, many suspected the 42-year-old would follow suit. While that didn’t happen, he might be set to lose his sponsor.
Fans believe Hamlin might lose his sponsor after the latest announcement
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FedEx has been a long-time sponsor for Denny Hamlin. Their contract with Joe Gibbs Racing is running out at the end of the 2023 season and it looks like they might not renew it. It doesn’t help anyone’s cause, given the global scenario and the recession going on in multiple parts of the world. Interestingly, FedEx had hinted at it last year.
The world-renowned shipping company warned everyone about the recession last September when they saw their sales going down drastically. Their share prices dropped 21% on a single day in 2022 and it was just the start. The company had forecasted to miss out on $500 million in its revenue target given the state of the market.
Well, it looks like FedEx was right and seems to be struggling with its finances. It only got more worrying for the JGR fans recently. In the team’s latest social media post, their race car was seen being painted with a scheme other than that of FedEx, which is unusual.
View this post on Instagram
Fans were taken aback by this post and couldn’t help but predict FedEx’s departure. Some were in disbelief, while some had their own assumptions.
“FedEx has decreased sponsorship”
“FedEx about to pull out”
“Here’s some advice. Fedex has obviously downsized sponsorship and is most likely leaving at seasons end. Release Hacklin [Hamlin] from his contract too. He gives yall a bad name.”
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Well, this can be a serious concern for JGR, if true. The NASCAR fans were certainly not wrong when they showed signs of worry last December.
Is Denny Hamlin leaving Joe Gibbs Racing at the end of the season?
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Kyle Busch joined Richard Childress Racing as he lost his primary sponsor M&M’s. With FedEx looking to depart too, it wouldn’t be unrealistic to imagine Denny Hamlin suffering a similar fate.
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Last December, NASCAR journalist Adam Stern shared a CNBC article that said, “FedEx said Tuesday that its quarterly earnings and sales fell from a year ago and warned of ongoing weakened demand, but said its ‘aggressive’ cost-cutting measures were softening the blow.”
"FedEx said Tuesday that its quarterly earnings and sales fell from a year ago and warned of ongoing weakened demand, but said its 'aggressive' cost-cutting measures were softening the blow." – @CNBC https://t.co/hsej0OotIz
— Adam Stern (@A_S12) December 20, 2022
Unfortunately, all the signs point only in one potential direction, i.e., FedEx’s exit. Even Denny Hamlin’s contract expires at the end of the 2023 season. What does that mean for him? Will he join his own team 23XI Racing or will he manage to retire at JGR by bringing in a new sponsor?
WATCH THIS STORY | Denny Hamlin Reveals “Out-of-Options” Kyle Busch Took a Pay Cut to Leave JGR & Drops Rick Hendrick Truth Bomb
Written by:
Edited by:
Nischal Kandpal