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NASCAR disallowed LGBcoin's sponsorship of Brandon Brown's No.68 Chevrolet Camaro, as per Fox Sports' Bob Pockrass.
Brandonbilt Motorsports announced a sponsorship deal with the crypto currency coin on December 30. Brandon Brown's car would have sported a red, white and blue livery with the wordmark of their primary partner LGBcoin for the entirety of the 2022 Xfinity Series season.
The team had been given the greenlight prior to the announcement but then officials decided to review it further. Earlier in November 2021, the auto racing company repudiated any association with the catchphrase "Let's go Brandon", and by the looks of it, they continue to do the same. Steve Phelps himself has said that the organization has zero desire to be affiliated with politics 'on the left or the right.'
According to an article in the New York Times, Brandon Brown was distancing himself from the catchphrase and any association with politics before the sponsorship deal was announced last month. At the announcement, he said:
“Having the financial support of LGBcoin is incredible. From wondering if we would have the financial means to continue to compete, to my first major win (at Talladega no less) to becoming an unintentional meme, this past season was a rollercoaster.”
The rollercoaster ride seems to continue as it will be interesting to see what Brandon Brown and the team will do now before the season kicks off at Daytona next month.
LGBcoin HODler speaks out over NASCAR'S dissaproval of sponsorship
James Koutoulas, founder of Typhoon Capital Management and LGBcoin HODLer, spoke out on Twitter regarding the dissoproval of the sponsorship of Brandon Brown's car.
He also posted images of the email exchanges they had regarding the sponsorship deal and the initial approval. A fact worth noting is that the email refers to the sponsor as "They are a Cryptocurrency."
The meme cryptocoin apparently played off the "Let's go Brandon" catchphrase that went viral during Brown's win at Talladega last year. Post-race, an expletive-laced chant erupted from the grandstands, misconstrued as "Let's Go Brandon." It instantly became a political meme.
The team may have jumped the gun while initially announcing the partnership. The decision regarding the sponsorship is sure to have resulted in a huge loss for LGBcoin. It also puts Brandon Brown and Brandonbilt Motorsports in a difficult situation before the start of the new season in February.
