After Taking NASCAR to Court, Controversial Sponsor’s Allegations Take an Ugly Turn in Legal Battle

Only a few have experienced a career downfall as Brandon Brown, a former Xfinity Series driver. 2021 may have been his breakthrough year, where he emerged unscathed in a carnage-filled race, fetching his first and only victory, at Talladega. But amidst the celebrations, Brown unintentionally got entangled in a politically charged debate.

His win coincided with a state of political turmoil in the US. One thing led to another, and Brandon Brown’s name went viral for all the wrong reasons. Later, a crypto brand, in his name, showed promise at first but was rejected by NASCAR. This spun off legal complications, which continue till today.

NASCAR pulled to court on crypto case again

While Brandon Brown drowned in cheers and confetti at the Alabama circuit, NBC reporter Kelli Stavast approached him. Nearby, a rowdy crowd chanted an ugly political slogan about current US president Joe Biden. Since she could not bleep the background noise, Stavast cleverly reported that the people were chanting, “Let’s Go, Brandon!”

This made the NASCAR Xfinity Series driver wildly popular on the internet. The slogan became a meme and a code phrase for denouncing Biden. But significantly, a cryptocurrency brand named LGBcoin also launched. Here the ‘LGB’ was an acronym for ‘Let’s Go Brandon’. As Brandon’s family team, Brandonbilt Motorsports lost sponsorships due to the political effect, LGBcoin signed up as their sponsor. But NASCAR would not let it happen.

Xfinity officials firmly claimed it is not an approved sponsor for Brown. James Koutoulas, the founder of Typhoon Capital Management and a major LGBcoin holder, threatened to sue NASCAR. And a court case did arise, only to fizzle out due to technical issues. Now the LGBcoin stakeholders have found a new reason to sue NASCAR.

Bob Pockrass updated the situation on X: “New complaint from Letsgobrandon Foundation filed in this case over NASCAR initial OK-then-denial of sponsorship/paint scheme. Alleges NASCAR claimed LGBCoin as worthless when talking to media about sponsorship decision. Alleges LGBCoin buyers relied on initial OK when buying.”

Despite LGBcoin’s complaint, the brand’s value plummeted as soon as it had soared. At the start of 2022, the brand achieved a peak liquidity pool value of $6.5 Million. By February, it came down to a dwindling amount of $10,000, which essentially invalidated the brand value. Hence, that tiny political aspect of the 2021 Talladega race brought the hammer down on Brandon Brown’s funding.

However, an old sponsor came back in 2022 to fund Brown’s run in Daytona for the last time.

Brown made the most of his old sponsor

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After LGBcoin crashed, Brandon Brown was in a dire situation. He had to cobble together sponsors for his Xfinity races. Larry’s Hard Lemonade, a sponsor on Brown’s Talladega-winning car, also initially dropped him due to the bitcoin deal. However, the sponsor came back during the August Daytona race in 2022, to help Brown get into the Xfinity playoffs.

Brown was ecstatic upon the sponsor’s return, seeking to mend the icky situation. “It’s great to be able to work with people that I’ve been comfortable working with for a few years, someone that we’ve found success with, people that have been a part of building the dream and have been part of the journey, for both the growth of myself and Brandonbilt Motorsports. Just great to have partners like that back because they know everything that there is to know about myself and the team. It makes life way easier working with them.”

However, Brown’s Xfinity career shuttered at the end of 2022. Funding issues caused this debacle, and Brandonbilt Motorsports also closed down soon after. All this spun off due to an ill-timed political slogan and a Bitcoin company that is still struggling to get its dues.