- TMT Racing is in discussions with Spire Motorsports regarding a NASCAR partnership
- NASCAR television contracts are worth $6.8B in revenue
Nowadays, athletes are consistently coming to grips with their own mortality by looking for ways to have the money they’ve made, make even more money for them in the future. Case in point, Floyd Mayweather is planning to expand The Money Team (TMT) brand, this time in the multi-billion dollar business of motorsports. TMT Racing is in discussions with Spire Motorsports regarding a NASCAR partnership.
Why This Matters: 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. Originally, TMT submitted their own bids for two open NASCAR charters, one of which ultimately became the Michael Jordan co-owned 23XI racing, but they were outbid.
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
However, if the Spire Motorsports partnership pans out it would include TMT Racing co-branding one of its cars this year. Then they would be using one of Spire’s three charters to run their own full-time entry in 2022. Although NASCAR lost up to $175 million in ticket revenue last year, the gains they made digitally keep them not only viable but show opportunity for growth over time.
NASCAR’s foray into esports, via eNASCAR iRacing Pro Invitational Series events on Fox and FS1, garnered 2 million brand new viewers. Furthermore, NASCAR experienced TV viewership gains, social media engagement, and TV partner mobile app downloads. Not to mention that NASCAR television contracts are worth $6.8 billion in revenue.
It will be interesting to see if these types of partnerships spur NASCAR’s return to the intersection of sports, fashion, and Black culture. 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.
Situational Awareness: If a deal is reached, it appears as if this partnership will turn out much better than previous failed business partnerships that have landed Mayweather in hot water with the government. Back in 2018, the boxing legend got in trouble with the Securities and Exchange Commission (SEC) for not disclosing payments received for endorsing investments in initial coin offerings (ICOs).
“Money, Power & Respect” The LOX Feat. DMX & Lil’ Kim