Hamlin lifts lid on Michael Jordan team ownership venture

Denny Hamlin has explained how his venture into team ownership evolved into the 23XI NASCAR team of today, which he co-owns with basketball legend Michael Jordan.

Hamlin balances his ownership commitments with his full-time NASCAR racing career, where he competes with Joe Gibbs Racing (JGR).

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23XI is a combination of the co-owners' sporting identities - the number 23 sported by MJ during most of his NBA career and the no 11 (XI) car Hamlin has always raced in NASCAR.

Hamlin, who is currently fourth in the standings, has explained how he shifted to team ownership, which began with a rejection from JGR themselves.

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How did Denny Hamlin become a NASCAR team owner?

During the Covid-19 lockdown, Hamlin realised he wanted more for his post-racing future than lounging about. Something racing-adjacent seemed most logical, so he looked into NASCAR team ownership.

These days, JGR and 23XI share a technical alliance. But just four years ago, Hamlin, who has been with the team since his 2005 debut, nearly moved on, as he revealed to Kenny Wallace.

“I said, ‘Guys, I’m gonna ask y’all a very serious question: Is there any opportunity for me to own a piece of Joe Gibbs Racing? I’m very interested.’ And at the time, Joe’s getting up there in age and he’s like, ‘I don’t think so.'

“I was like, ‘I just wanna know for sure because I think I’m gonna make a move if there’s no place for me to have ownership here at JGR."

With the dream of taking ownership of part of the team he has raced his entire career with dead, Hamlin opted for the avenue of creating his own team, which he did so with Michael Jordan in 2020.

"I’d love to carry on the legacy that Joe Gibbs has shown me and how he runs his team, I want to make sure you guys are OK if I do this on my own then,'” Hamlin added. “And I said [to JGR], ‘But I’m gonna need your help.’"

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And that help has now materialised: "We pay them a fee and a hefty fee every single year to gather all this information that those 400 employees put together," Hamlin explained.

"We have roughly 100 at 23XI. In order to have the infrastructure that JGR has, I would have to hire 200-300 more people. Toyota would have to give us a whole lot more money. And so instead of that, they’re happy with their agreement with Joe Gibbs Racing.

“We’re forever grateful for that but it’s double fold. It helps my team be better, but also creates resources to make my 11 car faster.”

23XI has taken one victory in 2024, and is placed sixth in the team standings. For the rest of the 2024 season, three-time Daytona 500 winner Hamlin will be looking to push the team he owns into the top five whilst keeping himself in that bracket on the drivers' side.

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