Joe Gibbs Racing today announced multiyear renewals with both driver Denny Hamlin and key primary sponsor FedEx. Terms were not revealed for the extension, which begins this season, but a source said that FedEx will remain as the primary sponsor of the team’s No. 11 Toyota for the vast majority of the 36-race season. However, FedEx will not be the full-season sponsor in its entirety, and there will be a handful of slots for other partners to step up. Sources have said that JGR and Hamlin’s management team, ProSports Management, have pitched Domino’s on the idea of stepping up from endorsement partner of Hamlin’s to a full partner of the team. FedEx has been one of the biggest NASCAR team sponsors in the sport for years with a spend that is likely in the $15-20M range annually.
FedEx Founder, Chair & CEO Fred Smith has been a longtime friend of team founder Joe Gibbs, as both have ties to the Washington Football Team, and the company has also struck major business-to-business relationships in NASCAR with other sponsors to help boost its return on investment. Other JGR partners include Toyota, Mars/M&M’s, Bass Pro Shops, Dewalt and Sports Clips. Hamlin has 44 career Cup Series victories but no championships, and his renewal puts to rest any speculation that he was about to try and drive for his own new team that is debuting this season, 23XI Racing.
