The conflict between NASCAR and LGBCoin is turning sour as the sponsor threatens to file a lawsuit against NASCAR’s decision.
The meme-based crypto coin, that plays on the catchphrase “Let’s Go Brandon” decided to be the primary sponsor for the No. 68 car last December and even announced the partnership officially. However, NASCAR said that the announcement was hastily done as they hadn’t yet received any official approval from NASCAR.
Last Tuesday, after approving it, NASCAR decided to reject the sponsorship. After this decision founder of Typhoon Capital Management and LGBcoin investor James Koutoulas tweeted that they will file a lawsuit against NASCAR. He tweeted:
“Brandon Brown went through proper NASCAR approval process and received formal written approval. If NASCAR revokes approval, we will bring suit upon them on behalf of all LGBCoin HODLers who were damaged by their reliance on NASCAR written approval & cancel NASCAR”.
Along with the tweet, he attached the email from NASCAR regarding the approval of the paint scheme and the sponsor.
The @brandonbrown_68 went through proper @NASCAR approval process and received formal written approval. If @nascar revokes approval, we will bring suit upon them on behalf of all @LGBcoin_io HODLers who were damaged by their reliance on @nascar written approval & #cancelnascar https://t.co/Tt2dIhWhkS pic.twitter.com/3ooI4VTSMG
— James Koutoulas (@jameskoutoulas) January 5, 2022
As per the NASCAR Rule Book:
“NASCAR may refuse to permit a Competitor to participate in an Event if NASCAR determines that any advertising, sponsorship or similar agreement to which the competitor is or will be a party, is detrimental to the sport, to NASCAR, Series Sponsor or to the promoter for any reason, including without limitation, the public image of the sport.”
“Decals, advertising slogans, paint schemes and other graphic designs and text on the vehicle that have not been previously approved by NASCAR must not be used unless and until they have been submitted by the crew chief to NASCAR Headquarters and approved by NASCAR prior to the Event.
“The review and approval of decals, advertising slogans, paint schemes and other graphic designs and text on the vehicle that have not been previously approved by NASCAR is at the sole discretion of NASCAR and such approval may be withheld for any reason.
“All NASCAR Members agree to accept NASCAR’s decision in this regard.”
NASCAR is yet to comment on the recent development in the LGBcoin case that is turning out to be a bitter event for all the parties involved.