NASCAR Rumor: FedEx to reduce or terminate JGR sponsorship

FedEx is expected to continue reducing its sponsorship presence with Joe Gibbs Racing after this season and could conclude the longtime deal altogether, according to people familiar with the matter, per Adam Stern of Sports Business Journal.

Why? Because the publicly traded company announced last year that it planned to cut $4 billion in costs by fiscal 2025, including $1.5 billion in the “General & Administrative” area.

The Memphis-based global delivery and logistics giant has been a major sponsor of the team since 2005, and at its height was spending close to $25 million a year just in rights fees to JGR.

The company or its divisions and sub brands over the years sponsored every race on Denny Hamlin’s No. 11 Toyota during NASCAR’s 38-event schedule until 2021, when it began cutting back and JGR started finding others, including Mavis Tires & Brakes, Sport Clips, Interstate Batteries and Yahoo.

JGR has been in the market looking for new sponsors for the No. 11 for next year, sources say, and that’s being done in anticipation of FedEx dropping more – and possibly all – of its remaining primary positions. It could not be confirmed.

The company has had a strong and long-lasting relationship with Hamlin, winning dozens of races, including three Daytona 500s. A championship has been elusive for the duo in NASCAR’s version of playoffs, but Hamlin is still in this year as the Round of 12 begins this weekend.