NASCAR has reportedly hit the brakes on a crypto-sponsorship deal recently announced by driver Brandon Brown because of its ties to the anti-Joe Biden slogan “Let’s go, Brandon.”
Brown’s LGBcoin sponsorship was rejected on Tuesday by NASCAR executives, who back in November decided against approving sponsorships that refer to the political song, The Washington Post reported, citing an unidentified NASCAR official.
The racing company allegedly accused a NASCAR employee of giving the green light to the deal with cryptocurrency meme coins LGBcoin – an abbreviation for “Let’s go, Brandon” – without the proper authority. The sponsorship’s final rejection was confirmed by several other media.
Brown’s victory at the Talladega Superspeedway last fall inadvertently created the flipped slogan. Although he later said he did not want to be involved in politics, Brown announced his controversial new sponsor last week.
He debuted with a red, white and blue LGBcoin race car and a flashy advertising video with branding for the meme coin, which is on the Ethereum blockchain.
The coin’s purchase “allows owners to digitally express their support for America and the American Dream,” according to a website for the crypto company, which claims to be against political hostility. “If we do our job right when you think of us and you hear, ‘Let’s Go Brandon!’ you want to think and feel, ‘Let’s Go America!’, just like Brandon wanted it to. “
Brandonbilt Motorsports, Brown’s racing team, hit back at NASCAR in a statement, insisting that the car racing company sign the sponsorship and the car’s paint schedule.
“The sponsor approval was unequivocal – the first four words of the NASCAR email say, ‘sponsors are approved …’ The only feedback offered was related to minor graphic design changes to ensure readability on the track at 170 MPH,” the team told CNN.
Hedge fund manager and LGBcoin lawyer James Koutoulas threatened to sue NASCAR on behalf of LGBcoin holders if it does good to its rejection.
“Now it’s war” he tweeted on Wednesday.
Representatives of NASCAR, Brandonbilt Motorsports and LGBcoin did not immediately respond to HuffPost’s requests for comment Wednesday.