A newly uncovered email has provided insight into the Bubba Wallace 23XI Racing negotiation, exposing behind-the-scenes discussions from August 2020 and highlighting complex ownership talks and car manufacturer concerns in the days before the team’s launch. The message, revealed this week by NASCAR journalist Jerry Jordan, shows how Michael Jordan and Denny Hamlin managed obstacles and secrecy while shaping the foundation of 23XI Racing.
Private Correspondence Uncovers Ownership and Driver Dealings
According to the email, sent shortly before the public announcement of 23XI Racing, Michael Jordan and Denny Hamlin were actively negotiating terms for their new NASCAR Cup Series team. Wallace, currently driving the #23 Toyota Camry, had been targeted as the cornerstone driver for the new operation. The document also reflects Toyota’s early hesitations regarding Michael Jordan’s deeper involvement, especially in relation to existing interests outside the Toyota brand.
Jerry Jordan, a NASCAR journalist, published part of the message which clarified the main issues that shaped the team’s early formation:
“Email from Aug. 2020 indicates potential ownership structure of @23XIRacing along w/ @BubbaWallace negotiations, plus @ToyotaRacing’s concern about @Jumpman23’s investment in competitor @NissanUSA dealership”
—Jerry Jordan, NASCAR Journalist
One striking detail from the correspondence reveals that although a 50/50 split between Hamlin and Jordan seemed intuitive, NASCAR policies had to be considered. Due to Hamlin’s full-time commitment as a Joe Gibbs Racing driver—a Toyota-backed organization—regulations appeared to prevent him from having a majority stake. This forced the parties to engineer an ownership structure where Hamlin could not hold more than 49% of the team.
The same email detailed a careful approach to acquiring a team charter, which is necessary for fielding a car in the NASCAR Cup Series. To avoid public speculation and a potential spike in charter costs, Hamlin reportedly paid a $25,000 non-refundable fee to allow an external group to temporarily secure a charter. This move was designed to keep Jordan and Hamlin’s involvement confidential until the time was right for a formal announcement.
Negotiation Deadline Placed Pressure on Team Formation
Bubba Wallace played a critical role in shaping the team’s timeline. As the primary driver candidate, Wallace demanded resolution by early September 2020, putting pressure on Jordan and Hamlin to finalize their plans before the 2021 NASCAR season.
“Bubba has given us a Tuesday September 1 deadline, as it is incredibly late in the year for him not to have selected a team for next season; thus, we need to determine whether we are going to move forward by then,” the excerpt from the email reads.
—(Attributed in source excerpt as email excerpt)
After meeting these demands, Wallace would go on to sign with the newly established team, making his 23XI Racing debut as part of the 2021 Cup Series lineup. His presence and prior insistence on a clear timeline made the negotiation a high-stakes component of the team’s genesis.
Toyota’s Concerns Over Michael Jordan’s Dealership Ties
The email illuminated another point of contention for Toyota, which partnered with 23XI Racing under a technical alliance with Joe Gibbs Racing. The automaker reportedly sought clarification about Michael Jordan’s personal business interests in the auto industry, specifically questioning involvement with a Nissan dealership in Durham, North Carolina, unrelated to Toyota’s interests.
“Toyota did ask if MJ would reveal any car dealership or other automotive interests… It appears as if MJ has ownership of or an interest in a Nissan dealership in Durham,” another excerpt from the email reads.
—(Attributed in source excerpt as email excerpt)
This inquiry highlighted the unique situation facing 23XI Racing, with a global basketball icon like Jordan engaging in NASCAR while maintaining outside investments that could be perceived as conflicts of interest from the perspective of an auto manufacturer partner.
23XI Racing’s Development and Ongoing Expansion
Since its debut, 23XI Racing has grown to field three full-time NASCAR Cup Series entries: Bubba Wallace in the #23 Toyota Camry, Riley Herbst driving the #35 Camry, and Tyler Reddick in the #45 Camry, alongside a part-time entry for Corey Heim in the #67 Toyota. This expansion underlines the initial blueprint and ambitions curved from those consequential negotiations and strategic decisions evident in the 2020 email.
The disclosure of these negotiation details sheds new light on the formation of 23XI Racing and the delicate balance required between sports, business, and automotive partnerships. With transparency around past challenges and current team structure, the Bubba Wallace 23XI Racing negotiation offers an instructive look at the complex steps required to create a modern NASCAR Cup Series team, a process shaped by timing, business alignment, and strategic diplomacy between high-profile partners.
Email from Aug. 2020 indicates potential ownership structure of @23XIRacing along w/ @BubbaWallace negotiations, plus @ToyotaRacing's concern about @Jumpman23's investment in competitor @NissanUSA dealership pic.twitter.com/CnxzNfVZZj
— Jerry Jordan (@JerryJordan_KTT) November 23, 2025
