As we previously reported, NASCAR claimed that it hadn't yet authorized the deal between Brandon Brown and LGBCoin. “LGB” stands for “Let's go, Brandon” — the saying that went viral after an NBC reporter claimed that a “F**k Joe Biden” chant was in truth chanting “Let's go, Brandon” to cheer on Brown. The Brown team said that they'd received written approval from NASCAR to go ahead with the deal and the paint scheme on the car.
I’m excited to welcome @LGBcoin_io aboard my No. 68 Chevrolet Camaro as our 2022 NASCAR Xfinity Series full season primary partner!
— Brandon Brown (@brandonbrown_68) December 30, 2021
Now NASCAR is saying they've made their final decision on the deal and they are not going through with it. They claim that they would not permit the slogan to be on the paint scheme or in the sponsorship. They're blaming an employee for greenlighting the deal saying that he didn't have the proper authority to do so. Previously, they had said there was no approval. So it seems that NASCAR has some conflicting stories and a little credibility problem here.
That has understandably angered the Brandonbilt Motorsports, Brown's team, who said NASCAR had signed off on the deal and the paint scheme which they then obviously spent time and money to put together, make the announcement, and put out the video.
“NASCAR did not speak with Brandonbilt Motorsports prior to making their decision to rescind the approval and multiple attempts to set-up a conversation to address this matter went unacknowledged,” Max Marcucci, Brandonbilt Motorsports spokesperson said in a statement.
“The bottom line is that Brandonbilt Motorsports followed the standard process for sponsor and paint scheme approval and received approval from a NASCAR official empowered to make those decisions, and who makes those decisions on a regular basis. This official then confirmed and reiterated that we had received approval in a phone conversation after the announcement was made.
“We are disappointed that NASCAR leadership has chosen to rescind approval of this sponsorship and feel they should have the confidence to own their decision to backtrack and not gaslight a team or a driver.
“Like every team, we rely on productive and friendly working relationships at all levels of NASCAR. Unfortunately, NASCAR leadership's handling of this situation now threatens to strain our relationships and places us in an incredibly awkward position, yet again.”
Hedge fund manager and LGBCoin advocate Koutoulas was also upset about the decision and threatened to sue on behalf LGBCoin holders. “Now it's war,” he tweeted Wednesday.
The @brandonbrown_68 went through proper @NASCAR approval process and received formal written approval. If @nascar revokes approval, we will bring suit upon them on behalf of all @LGBcoin_io HODLers who were damaged by their reliance on @nascar written approval & #cancelnascar https://t.co/Tt2dIhWhkS pic.twitter.com/3ooI4VTSMG
— James Koutoulas (@jameskoutoulas) January 5, 2022
Sounds like NASCAR could be in some legal difficulty here because it certainly sounds like the Brown team and LGBCoin had every reason to rely upon what was represented to them. Bottom line is that they probably got some backlash from the left after the deal was announced then got cold feet. That move is likely to cost them, both in legal action and in fans who are not going to be happy with this.