Bubba Wallace competes full-time in the NASCAR Cup Series for 23XI Racing, a team co-owned by NBA legend Michael Jordan and veteran driver Denny Hamlin. Recently, an email surfaced online that indicated the formative stages of 23XI, including discussions around ownership, Wallace’s negotiation, and Toyota’s early hesitations regarding Michael Jordan’s involvement.The email, which was sent on August 30, 2020, outlined the emerging partnership between Jordan and Hamlin, just weeks before the official announcement of 23XI Racing. The team made its debut with Bubba Wallace in the 2021 season.NASCAR journalist Jerry Jordan shared the screenshot of email on X:“Email from Aug. 2020 indicates potential ownership structure of @23XIRacing along w/ @BubbaWallace negotiations, plus @ToyotaRacing's concern about @Jumpman23's investment in competitor @NissanUSA dealership”One of the most significant revelations in the email is the proposed ownership distribution between Hamlin and Jordan. While a 50/50 partnership seemed the natural starting point, the message suggests NASCAR may have required Hamlin to hold no more than 49% ownership. This was due to his ongoing status as a full-time driver with Joe Gibbs Racing, a Toyota-backed team.The second thing the email mentions is the strategy designed to prevent speculation from inflating the charter market. According to the email, Hamlin put down a $25,000 non-refundable payment to allow a third-party group to temporarily secure a charter, keeping Hamlin and Jordan’s involvement under the radar.The email also confirmed that Bubba Wallace, targeted to anchor 23XI’s operation, had issued a firm decision deadline. Wallace would ultimately sign with the team and has been competing with them since 2021.“Bubba has given us a Tuesday September 1 deadline, as it is incredibly late in the year for him not to have selected a team for next season; thus, we need to determine whether we are going to move forward by then,” the excerpt from the email reads.Email indicates Toyota sought clarity about Bubba Wallace’s boss’s dealership interestsWhen 23XI Racing were planning to begin their operation, the email suggests a major point of concern for Toyota was Hall of Fame basketball player Jordan’s connection to a Nissan dealership in Durham, North Carolina. 23XI started their NASCAR Cup Series operation with Toyota with a technical alliance with Joe Gibbs Racing (JGR)."Toyota did ask if MJ would reveal any car dealership or other automotive interests… It appears as if MJ has ownership of or an interest in a Nissan dealership in Durham,” another excerpt from the email reads.23XI Racing currently fields three full-time entries: the #23 Toyota Camry for Bubba Wallace, the #35 Camry for Riley Herbst, and the #45 Camry for Tyler Reddick. They also field part-time entry: the #67 Toyota for Corey Heim.