By CultureBanx Team
- Floyd Mayweather launches ‘The Money Team Racing’ with plans to debut at NASCAR’s Daytona 500
- The top 8 NASCAR teams are worth an average of $149M per year
Floyd Mayweather’s aspirations to expand The Money Team (TMT) brand into the multi-billion dollar business of motorsports is full speed ahead. The sometimes retired boxer plans to debut his NASCAR team, The Money Team Racing, at the Daytona 500. Can these types of partnerships spur NASCAR’s return to the intersection of sports, fashion, and Black culture?
Why This Matters: Racing culture in the Black community could really take off. Mayweather isn’t the only former athlete who wants in on Nascar, last February, NBA legend Michael Jordan debuted his own team, 23XI Racing, with co-owner Denny Hamlin and driver Bubba Wallace behind the wheel. Also, In the late 90s-early 2000s, a strong trend of Jeff Gordon and Dale Earnhardt jackets popped up in the hip-hop community at high velocity. The craze declined just as quickly as it peaked, but as cyclical as fashion has shown itself to be, a resurgence may be on deck.
The top 8 NASCAR teams are worth an average of $149 million per year, so it’s easy to see why Mayweather wants in on this business. Although NASCAR lost between $150 million and $175 million in total ticket revenue during the U.S. stock car racing series’ disrupted 2020 season, according to a report by the Sports Business Journal. The gains they made digitally keep them not only viable but show opportunity for growth over time, with digital viewership increased 29% on NBC. NASCAR is no longer a public company having purchased International Speedway Corporation in 2019 and going private.
What’s Next: Mayweather’s team plans for a partial Cup Series this year and will enter with 23-year-old The team will need to qualify to compete in the Daytona 500 on Feb. 20 as it doesn’t have a charter that guarantees a spot in the race.
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