As per multiple sources, Crypto currency’s promoters claimed that NASCAR approved a sponsorship deal between the LGBCoin and Brandon Brown.
After that, they are now alleging NASCAR of bad trade practices. One of the major points of concern was when the coin’s trading prices surged. NASCAR allegedly rescinded the sponsorship, leading to a significant drop in the coin’s value. Plaintiffs argue that they suffered financial losses as a result of this sudden change in sponsorship status.
This situation underscores the complexities surrounding cryptocurrency sponsorships in the realm of professional sports and the potential risks involved for both parties.
LGBCoin founder(s) sued NASCAR b/c sponsorship OK'd for Brandon Brown & then denied b/c coin sales/price rose once sponsorship announced & dropped significantly after denial. NASCAR argued b/c sponsor didn't have contract w/NASCAR, they don't have claim. Case (for now) dismissed. https://t.co/hZ8Fi3H6PE
— Bob Pockrass (@bobpockrass) April 26, 2024
In a recent post of Bob Pocktrass he wrote : “LGBCoin founder(s) sued NASCAR b/c sponsorship OK’d for Brandon Brown & then denied b/c coin sales/price rose once sponsorship announced & dropped significantly after denial. NASCAR argued b/c sponsor didn’t have contract w/NASCAR, they don’t have claim. Case (for now) dismissed.”
The LGBCoin Background and NASCAR tie-up
The LGBCoin, a cryptocurrency named after the viral phrase “Let’s Go Brandon,” emerged as a humorous response to a profane chant directed at President Joe Biden during a NASCAR race interview. Its creators sought to explore the possibility of an official sponsorship for Brandonbilt Motorsports, associated with NASCAR driver Brandon Lee Brown, by meeting with NASCAR executives.
Investors claim that NASCAR initially approved a sponsorship deal between the LGBCoin’s trustee and Brandon Brown. However, after the coin’s trading prices surged, NASCAR rescinded the sponsorship, causing the coin’s value to plummet.
NASCAR contends that the sponsor did not have a formal contract with them, which absolves them of any liability. The legal battle centers on whether NASCAR’s actions constituted a breach of an implied sponsorship agreement.
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