Published 03/22/2023, 12:44 PM EDT
BRISTOL, TN – SEPTEMBER 17: Denny Hamlin (#11 Joe Gibbs Racing FedEx Ground Toyota) looks on during pre-race activities before the NASCAR Cup Series Playoff Bass Pro Shops Night Race on September 17, 2022, at Bristol Motor Speedway in Bristol, TN. (Photo by Jeffrey Vest/Icon Sportswire via Getty Images)
The NASCAR business is tricky—not just for the organization, but for team owners, sponsors, suppliers, and other parties with vested interests. With the governing body frequently implementing changes in its directives, it only gets harder. Besides, inflation has hit both small- and large-scale businesses alike. It is all about survival and apparently, one of Denny Hamlin‘s partners is struggling with it.
Denny Hamlin is one of the most talked-about personalities in the Cup Series right now. When Kyle Busch‘s departure from Joe Gibbs Racing was confirmed last season, many suspected the 42-year-old to follow suit. While that didn’t happen, he might be set to lose his sponsor given a recent announcement.
Fans believe Hamlin might lose his partner after the latest announcement
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FedEx has been a long-time sponsor for Denny Hamlin. Their contract with Joe Gibbs Racing is running out at the end of the 2023 season and it looks like they might not renew it. It doesn’t help anyone’s cause given the global scenario and the recession going on in multiple parts of the world. Interestingly, FedEx had hinted at it last year.
The world-renowned shipping company warned everyone about the recession last September when they saw their sales going down drastically. Their share prices dropped 21% on a single day last year and it was just the start. The company had forecasted to miss out on $500 million in its revenue target given the state of the market.
Well, it looks like FedEx was right and seems to be struggling with its finances. It only got more worrying for the JGR fans recently. In the team’s latest social media post, the team’s race car was seen being painted with a scheme other than that of FedEx, which is unusual.
View this post on Instagram A post shared by Joe Gibbs Racing (@joegibbsracing)
Fans were taken aback by this post and couldn’t help but predict FedEx’s departure. Some were in disbelief while some had their own assumptions.
“Where is fedex???
“FedEx has decreased sponsorship” “FedEx about to pull out”
“Here’s some advice. Fedex has obviously downsized sponsorship and is most likely leaving at seasons end. Release Hacklin [Hamlin] from his contract too. He gives yall a bad name.”
DIVE DEEPER “Not This Again” – Denny Hamlin Fans Unite as Kyle Busch Scenario Repeats at Joe Gibbs Racing Well, this is a serious concern for JGR, if true. The fans were certainly not wrong when they showed signs of worry last December.
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Is Denny Hamlin leaving Joe Gibbs Racing at the end of the season?
Kyle Busch joined Richard Childress Racing as he lost his primary sponsor M&M’s. With FedEx looking to depart too, it wouldn’t be unrealistic to imagine Denny Hamlin suffering a similar fate
Last December, NASCAR journalist Adam Stern shared a CNBC article that said, “FedEx said Tuesday that its quarterly earnings and sales fell from a year ago and warned of ongoing weakened demand, but said its ‘aggressive’ cost-cutting measures were softening the blow.”
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