Denny Hamlin Advocates for Billion-Dollar Investment to Propel NASCAR Growth

The recent settlement in the antitrust trial involving 23XI Racing, Front Row Motorsports, and NASCAR marks a significant turning point for the sport, securing permanent charters for all top-tier teams and bolstering their financial stability. However, team co-owner Denny Hamlin believes this legal victory is merely the prelude to a more critical endeavor: securing substantial investment to drive NASCAR’s future growth.

Hamlin, a veteran driver and co-owner of 23XI Racing alongside basketball legend Michael Jordan, expressed his satisfaction with the settlement, which was also a win for Bob Jenkins’ Front Row Motorsports. "We really stuck our neck out for all the race teams," Hamlin stated, emphasizing that the team’s objective was to benefit the entire ownership group, not just themselves. "There’s no doubt in my mind that it would not have lasted as long as it did if we were just looking to change it for ourselves. We were very adamant that whatever changes (made) needed to be given to every team and hopefully they appreciate that."

The settlement addresses long-standing concerns about the charter system, providing teams with a greater degree of financial security and predictability. This stability is crucial for attracting further investment and maintaining a competitive landscape within NASCAR. However, with broadcast ratings experiencing a year-over-year decline of 14 percent, as reported by Motorsport.com, Hamlin argues that the current trajectory is insufficient for long-term expansion.

"We need someone to come in and invest like billions into heavy promotion, heavy upgrades on everything," Hamlin explained, drawing a parallel to the transformative impact of Liberty Media’s investment in Formula 1. "And while it might come to a short term loss, it will certainly have long-term gain. We saw what happened with Liberty Media, what they did with Formula 1, and influxed a lot of money into the sport and it took off. That’s just the way it works nowadays. I think that’s the kind of thing you need."

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Hamlin’s call for a significant capital injection is rooted in the need to revitalize NASCAR’s promotional efforts and modernize its infrastructure. While acknowledging recent marketing initiatives, such as the "Hell Yeah" campaign, Hamlin believes a more aggressive and expansive approach is necessary. "I think that that’s the kind of thing that you need," he commented. "I’ve been very happy with the direction and promotion this season with their social and digital content. I believe it’s the right direction but it needs something big to take it back into the growth phase we’re all hoping for."

He elaborated on the need for a strategic financial commitment, stating, "We can tread water. We can do that. But I think it’s going to take a significant amount to really grow this thing." The current charter agreement does permit private equity investment in teams, and NASCAR itself has made significant capital improvements to facilities like Daytona International Speedway, Talladega Superspeedway, Phoenix Raceway, Richmond Raceway, and Homestead-Miami Speedway over the past decade. However, Hamlin contends these measures are insufficient to reverse the current trend and foster substantial growth.

"Permanent charters are good long term, financially for teams," Hamlin conceded, "but it didn’t change the revenues much year-to-year. The only changes were in revenue sharing." He stressed that the settlement provides a foundation for future negotiations, preventing teams from being pressured into unfavorable agreements. "It put us on stable ground that next time we’re negotiating, we can’t get told ‘sign it or else,’ so that’s beneficial."

Hamlin believes the newfound stability will also attract private equity, making race teams a more appealing long-term investment. "It certainly allows private equity to look at these race teams just like someone would look at NASCAR and say ‘okay, that is where I want to put my money in the long term’ because they see growth possibility. And there is a lot of possibilities for growth in the sport, both on the team and sport level."

Reflecting on the sport’s past, Hamlin drew a parallel between the time it took for NASCAR to experience its peak popularity and the time it might take to recover from its current plateau. "It’s going to take, collectively, a lot of work to kind of dig out of the hole," he said. "This didn’t just happen overnight. It’s been a slow grind over the past 10 years and some of it was due to decisions made 15 or 10 years ago. Turns out, some of those decisions were not the right way to go, and we’re starting to reverse some of those things. But damage has been done and we need to build this thing back up."

Hamlin remains optimistic about NASCAR’s potential, citing the enduring passion for motorsports within the United States. "There are still plenty of people in this country that are excited about cars and car racing. We see it in viewership numbers of a lot of different racing series. How can we get them excited about NASCAR? That’s going to take some work and it’s going to take a few years to make that happen."

The path forward, according to Hamlin, requires a bold vision and significant financial commitment, akin to the strategic investments that have revitalized other global sports properties. The successful resolution of the antitrust litigation provides a stable platform, but the ultimate growth of NASCAR will hinge on its ability to attract the substantial capital needed to innovate, promote, and re-engage a broader audience. The coming years will be critical in determining whether NASCAR can capitalize on this momentum and usher in a new era of prosperity.

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