After over a month into the NASCAR Cup Series season, Joe Gibbs Racing received a blow after FedEx suddenly pulled the rug after a 20-year stretch. Who would now bear the weight of theory No. 11? A very obvious question struck Denny Hamlin quite badly over the months. However, providing the veteran some temporary relief, Progressive Insurance stepped in and penned a deal that tied them to the franchise for 18 upcoming months. However, the woes continue to sting. They were still looking for a primary sponsor to breathe a sigh of relief. They got one, in the meantime, but at what cost?

We’re excited to announce that we have partnered with Saia Inc. for a multi-year sponsorship of Ty Gibbs and the No. 54 Toyota Camry XSE in the NASCAR Cup Series. A partnership built to deliver,” the official statement forced Joe Gibbs and the team to kick into a new era of transition through navigation and growth. On January 24, the deal was signed, legitimizing a multi-year bond between the parties. The trucking industry giant, the fierce rival of the Joe Gibbs ex-sponsor, FedEx, marked a strategic replacement for their previous partner.

“This is a huge deal for our No. 11 team and everyone at Joe Gibbs Racing,” Hamlin said in a team release. “We’re really looking forward to having Progressive on board and being able to deliver for them on and off the racetrack. For me, it’s exciting to team up with a brand like Progressive that is so innovative with their marketing and the different ways you seem them activate. I can’t wait to get going with them starting this weekend.” But soon the hype train came down to a gutter. Saia, Inc. reported first quarter 2025 earnings that couldn’t live up to the analyst expectations, sending shares tumbling 32% in pre-market trading on Friday.

The company capped off its Q1 with $16.5 million in cash and $295.5 million in total debt. What’s next? A delinquent on payments or a real bad luck of Joe Gibbs and Hamlin? That would be an intriguing debate, but don’t miss keeping the $6 billion company on your vigilance watch if you’re planning to stockpile or you’re a Joe Gibbs fan.

“Primarily resulting from an uncertain macroeconomic environment, we did not see the typical sequential growth in shipments through the quarter, with March shipments flat to February, causing our first quarter revenues to fall well below our expectations,” said Saia President and CEO Fritz Holzgrefe.

The primary sponsor’s financial stability is non-negotiable for the growth and prosperity of the team. So, the shortfall in the fund can leave their new partner in jeopardy. Can that stretch to another termination or term reduction of sponsorship for Joe Gibbs Racing? It’s too early to come to that conclusion, but Hamlin didn’t have a very good past with the aftereffects of a sponsorship sack.

Joe Gibbs has lost their signature star for a sponsorship lack

The painful past saw a massive player outflow from the squad. Kyle Busch couldn’t risk his future by continuing with the organization after big dog sponsors M&M and March Inc. wrapped up their chapters. They had a really bad record of snagging sponsorship early after an unexpected dismissal. In the case of FedEx, they recorded the longest drought in sponsorship in history. So, it was quite a no-brainer that they couldn’t swoop in a good backup to retain Busch back in 2023. However, they did their part but urging the driver to hold on to his 15-year-old partnership.

Joe Gibbs had reportedly sent a plea to the current Richard Childress Racing driver to drive an unsponsored car in 2023. “Did JGR try hard enough to sell me? My answer to that is no. They offered me a contract to race there, and they weren’t going to have sponsorship on the car, but I didn’t feel like that was fair for the 15 years that I was there; I didn’t want Joe putting his own money into the program,” Rowdy said, coming clean on his decision in an interview with the Athletic.

However, if they, for the third time, go sponsor less in the wake of a bearish trend of their current go-to brand, the 89-year-old team owner should sit with a pen and paper in his hand to make a to-do and not-to-do list to avoid past miseries.