NBA great Michael Jordan buys NASCAR team with Wallace as driver

Bubba Wallace, driver of the #43 McDonald's Chevrolet, leads Matt Kenseth, driver of the #42 Credit One Bank Chevrolet, during the NASCAR Cup Series Folds of Honor QuikTrip 500 in Hampton, Georgia, June 7, 2020. /VCG

Basketball icon Michael Jordan announced Monday he has purchased a NASCAR Cup series charter team and recruited trailblazing black driver Bubba Wallace to race for the new outfit next season.

Jordan, a six-time NBA champion and widely regarded to be the greatest player in NBA history with an estimated net worth of $1.6 billion U.S. dollars, will be the majority owner in the new franchise with veteran racer Denny Hamlin as minority partner.

"Growing up in North Carolina, my parents would take my brothers, sisters and me to races, and I've been a NASCAR fan my whole life," Jordan said in a statement.

Former basketball player Michael Jordan speaks during a public memorial for NBA great Kobe Bryant, his daughter Gianna and seven others killed in a helicopter crash in Los Angeles, California, February 24, 2020. /VCG

Jordan, who also owns the Charlotte Hornets NBA team, said he hoped his ownership could bring new audiences to the white-dominated world of NASCAR and boost involvement of minorities.

Wallace, the only black driver in NASCAR, will spearhead the team behind the wheel. The 26-year-old had confirmed earlier this month that he would not race again for Richard Petty Motorsports.

The name, car number, manufacturer, sponsors and other details for the new team, which will start racing in the 2021 season, will be announced at a future date.

(With input from agencies)