Denny Hamlin addressed comments made by Landon Cassill on “The Money Lap” podcast, where Cassill responded to Hamlin’s claim that it costs $18 million for 23XI Racing to field a car each week.
Cassill had suggested that NASCAR isn’t responsible for the high costs associated with running a team. “NASCAR isn’t forcing you to hire 100 engineers,” Cassill said. “NASCAR isn’t making you rent private jets or spend $250,000 on a pit box.”
Hamlin clarified on X that the $18 million figure he mentioned during a conversation with Kenny Wallace on “Kenny Conversation” only covers the cost of operating a car and does not include the expenses for a driver or additional team members.
“Here are my thoughts,” Hamlin wrote on Tuesday. “The $18 million is strictly for putting a car on the track every week (excluding driver costs). If you think that’s excessive, we’ve opened our books to NASCAR to show that this expenditure is justified and not excessive, which NASCAR executives have confirmed. You suggested that any amount over $18 million is ‘profit,’ but that’s not accurate.
“As someone who started a team from the ground up and kept it as efficient as possible, there are many other departments necessary for running a race team—such as business, marketing, sponsorship, and social media—that incur significant costs beyond the initial $18 million. This spending is crucial not only for team operations but also for growing the sport through on- and off-track activities. I hope this helps clarify the situation.”
Hamlin has been outspoken about his frustrations with the ongoing negotiations, stating that each proposal from NASCAR has been worse than the previous one, leading to a lack of progress as the current charter agreement nears its end after the 2024 Cup Series season.
Hamlin indicated that teams have requested NASCAR to cover their operating expenses, but NASCAR has not agreed to this.
“We’re trying to simplify things and propose a partnership with NASCAR where they could manage sponsorships on our behalf,” Hamlin explained. “This way, when NASCAR secures a league-wide sponsor, it benefits all teams, similar to how the NBA, NFL, and MLB operate. Unlike these leagues, NASCAR teams compete for the same sponsors as the organization itself, and NASCAR often pitches their own sponsorship deals to the sponsors we already have.”
