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Michael Jordan, Denny Hamlin team up to start NASCAR team

Michael Jordan and Denny Hamlin are teaming up to start a NASCAR team. Yahoo Finance's Dan Roberts weighs in.

Video Transcript

JULIE HYMAN: Dan, you are looking at NASCAR because there is an interesting team, perhaps, coming, and an interesting partner, perhaps, coming.

DAN ROBERTS: Yeah, I think it's very interesting, Julie. It's Michael Jordan, and he is, of course, the majority owner of the Charlotte Hornets already, over in the NBA. He's a noted NASCAR fan, and really, this is about his friendship with Denny Hamlin, the famous racecar driver. The two of them are teaming up to start a single car NASCAR team.

So what that means is one car, one driver at first. And they've announced that driver, it's Bubba Wallace. And I believe that in the statement, Denny Hammond said, there is only one obvious choice for who the driver would be. It's got to be Bubba Wallace.

What's interesting is just a couple weeks ago, Bubba Wallace, who of course has been all over the news during the pandemic since NASCAR's return-- it is Bubba Wallace who is credited with really getting the Confederate flag out of NASCAR. He had announced that he is leaving Richard Petty Motorsports at the end of the year. Now we know why.

So I think this makes a lot of sense. And by the way, Michael Jordan, making a lot of business moves outside of basketball. Because here we were, about three weeks ago, talking about Jordan joining Draft Kings as an advisor to the board. So now I'm just waiting for the inevitable Draft Kings slash Bubba Wallace slash NASCAR partnership that I'm sure will come soon.

But Jordan getting an equity stake in Draft Kings, and we'll see how those two things interplay. But this is going to be great for NASCAR. It's a sport that wants to expand its fan base, and certainly wants to get more Black drivers and Black fans. And Bubba Wallace had already said that previously. So this collaboration makes a lot of sense. We'll see, of course, how he does on the track in terms of winning once he premieres. It's likely to be the number 23 car for Jordan.