“Let’s Go Brandon” became a household phrase in a growing wave of discontent with President Biden’s first year in office. After several months of gaffes and failures, fans at NASCAR were heard verbalizing their feelings after a race which Brandon Brown won. The NBC correspondent interviewing Brandon Brown after the race inadvertently helped to coin the phrase “Let’s Go Brandon” after Brown had his first win in the Xfinity car in October.
Not long after, particularly when the phrase became seen and heard everywhere, NASCAR banned the phrase. However, Brown and LGBCoin have found a way for the NASCAR driver to promote the product without placing decals on his Xfinity car. NASCAR does not have to approve Brown’s appearances away from the racing track, so the two entities moved forward with a sponsorship deal.
According to Brandonbilt Motorsports, NASCAR provided a written approval for the LGBCoin sponsorship. NASCAR said that when Brandonbilt Motorsports made the announcement on December 30, however, not only had approval not been given, but the driver’s team had not even began the process for approval.
NASCAR says that they told Brandonbilt Motorsports in November that they would approve no sponsorship that utilized the “Let’s Go Brandon” phrase. Brandonbilt Motorsports submitted paperwork requesting approval for the sponsorship without specifying that the “LGB” prefix in the name of the coin stands for “Let’s Go Brandon.”
NASCAR has attempted to distance itself from the phrase, which has become synonymous with criticisms for the current presidential administration. According to NASCAR president Steve Phelps, who said in an interview prior to the last race of the year, “We (NASCAR) do not want to associate ourselves with politics, the left or the right.”
However, Brandon Brown has signed a two-year sponsorship deal with a cryptocurrency using that phrase, even though he is banned from using the “Let’s Go Brandon” phrase on his Xfinity car.
The deal is reportedly worth eight figures, but the exact dollar amount of this sponsorship deal was not announced. LGBcoin says that Brandon Brown is now a “holder” of the currency; Brown’s spokesperson confirmed that the race car driver is being paid “in both cash and coin.”
Although Brown’s team announced that a LGBcoin livery had been approved for advertisement on his car, NASCAR subsequently rejected the image for Brown’s Brandonbuilt Motorsports plan.
The meme coin was inspired by the mistaken “Let’s Go Brandon” chant that an NBC Sports correspondent misheard when NASCAR fans began chanting a similar but inappropriate phrase at Talladega last October.
According to LGBcoin, the product “allows owners to digitally voice their support for both America and the American dream;” however, the company admits that the coin has no intrinsic value.
Brown will participate in the promotion of the product at a variety of events and other activities, including conferences and video appearances throughout 2022 and 2023. Brown has said in a press release that he is working to achieve his version of the American Dream; he also thanked LBGcoin for the opportunity to spread a patriotic message.
LGBCoin is owned by James Koutoulas, who said that the company sought to sponsor Brandon Brown due to his talent as a NASCAR driver as well as the fact that Brown is “wise beyond his years.” According to Koutoulas, the company wanted to promote Brown as “America’s driver.”