MOORESVILLE, N.C. – Brandonbilt Motorsports officials have released a statement after NASCAR officials said the team’s new sponsor, LGBcoin.io, and new paint scheme had not been approved when the team announced the sponsorship agreement on Dec. 30.
The team introduced LGBcoin.io, a cryptocurrency meme coin, as its sponsor on Dec. 30. However, later in the day NASCAR officials indicated that both the sponsor and paint scheme had not gone through the required approval process.Â
The statement from Brandonbilt Motorsports reads as follows:
“We are very aware and appreciative of the process required to approve sponsors and paint schemes and would not attempt to circumvent that process.Â
“Brandonbilt Motorsports submitted our most recent sponsors and paint scheme to NASCAR, following the standard approval process that we have undertaken many times before without issue. We received written approval on the sponsors from a NASCAR Racing Operations official on December 26, 2021. The team subsequently moved forward with an announcement only after being provided with this approval.Â
“The sponsor approval was unambiguous–the first four words of the email from NASCAR state, ‘The sponsors are approved…’ The only feedback offered was related to minor graphic design changes to ensure legibility on the track at 170 mph.
“We will continue to work with NASCARÂ and look forward to resolving this matter and clearing the air as soon as possible.”
The sponsorship agreement calls for LGBcoin.io to back the No. 68 Chevrolet driven by Brandon Brown for the entire NASCAR Xfinity Series schedule this year.Â
According to the initial team press release, LGBcoin is a new, decentralized meme cryptocurrency similar to other meme coins and tokens such as Dogecoin and Shiba Inu. The coin is meant to inspire positivity and unity, grounded in a strong belief of the American dream.