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CHARLOTTE, N.C. — Michael Jordan has business interests in many different ventures. He owns multiple restaurants, a car dealership, and also has a controlling ownership stake in the NBA’s Charlotte Hornets

Jordan is expanding his horizons yet again and is entering the world of auto racing. In a release Monday night, Denny Hamlin announced that he is teaming up with the six-time NBA Champ to form a new NASCAR Cup Series team.

“11-years ago I met Michael Jordan at a then-Charlotte Bobcats game,” Hamlin said. “We became great friends. Not long after, I joined the Jordan Brand as their NASCAR athlete. Our friendship has grown over the years and now we are ready to take it to the next level.”

Hamlin still plans to keep running full-time with Joe Gibbs Racing. He is one of the top contenders for the NASCAR Cup Championship this season.

He, along with financial backing from Jordan, will start a team that will field a single-car in the 2021 Monster Energy NASCAR Cup Series. Hamlin said their driver will be Bubba Wallace.

“It had to be Bubba Wallace,” said Hamlin. “Bubba has shown tremendous improvement since joining the Cup Series and we believe he’s ready to take his career to a higher level.”

Wallace announced last week that he would not be returning to Richard Petty Racing for the 2021 season.

Hamlin also praised Wallace’s leadership in bringing change to the sport of NASCAR when it comes to racial equality.

Jordan joins fellow former NBA player Brad Daugherty (JTG Daugherty Racing) as one of only two African-American team owners at NASCAR’s top level Jordan is now the first principal owner of a NASCAR team since Hall of Famer Wendell Scott drove his own car in 495 races from 1961 to 1973.

Scott’s victory at the Jacksonville 200 in 1964 is the only win by a Black driver in Cup history.

”Historically, NASCAR has struggled with diversity and there have been few Black owners,” Jordan said in his statement. ”The timing seemed perfect as NASCAR is evolving and embracing social change more and more.”

”His presence at NASCAR’s top level will further strengthen the competition, excitement, and momentum growing around our sport,” NASCAR said of Jordan’s announcement.

The business arrangement had to be so as NASCAR rules prohibit drivers from having a controlling stake in a Cup Series team and driver for another.

Jordan and Hamlin have purchased a charter for their team from Germain Racing. The purchase guarantees Wallace a spot in the 40-car field every week. Their team will also be in a technical alliance with Joe Gibbs Racing, in which Gibbs will provide them with some equipment and other support.