The decision byMichael Jordanto purchase 23XI racing alongside NASCAR iconDenny Hamlinhas quite an interesting backstory. As most NBA fans should be aware, theChicago Bulls legendhas made quite a name for himself in the business and financial world. After all, he is the richest athlete that the world has ever seen and is estimated to be worth $2 Billion in 2023.
There is no denying that making smart investments played a huge role in his rise in income. However, his venture into the American professional auto racing organization via 23XI requires a second glance. Especially since it has been revealed that this business move might not have been completely consensual. With that being said, let us take a closer look at the context and find out more.
Why did Michael Jordan purchase 23XI racing with Denny Hamlin?
Car racing has grown increasingly popular in the United States over the years. Therefore, it made sense for Jordan to show interest in investing in his very own racing organization. Be that as it may, it turns out that MJ wasn t the one taking initiative in this case.
To those who do not know Denny Hamlin, he is a racing car driver and team owner. He was already well associated with Jordan simply because they were golf buddies and used to play together. Therefore, when Denny shared an interest to enter the Racing game as an owner, connections were instantly drawn to Jordan by the media.
23XI team owner Michael Jordan could barely watch as Bubba Wallace wrecked during overtime of yesterday s #GEICO500 at Talladega
Get the backstory pic.twitter.com/6bQUZl0YBZ
Outsider (@outsider) April 24, 2023
Hamlin later revealed that those very speculations gave birth to Michael s decision in partnering alongside him. He shared that they simply decided to make the fake news real. Before the public knew it, Jordan and Hamlin became the majority and minority owners of 23XI racing. it is pronounced as twenty-three-eleven racing and is a combination of the numbers that both athletes once wore.
Although Jordan spent an impressive $150 million in the creation of 23XI racing, Hamlin was very relieved to find out that it would result in him being in business with a less controlling partner. As opposed to what would have happened if he went another way and did not engage in business with Jordan.
I just thought that I wanted to have my say. Honestly, I got down to Richard Petty Motorsports, and that was a team I was looking to buy a minority stake in. But ultimately, I found that I wasn t gonna get the control that I needed. The autonomy to really run it the way that I thought it needed to be run. So I m like this isn t the right fit for me either.
In any case, we are glad to see that Hamlin and Jordan were able to link up and engage in this venture together. We hope it turns into a success and is profitable to them over the years.