Denny Hamlin Discloses $14 Million Annual salary During NASCAR Antitrust Trial
CONCORD,NC – Denny Hamlin,driver of the No. 11 Joe Gibbs Racing Toyota and co-owner of 23XI Racing, revealed he earns approximately $14 million per year as a driver during testimony in the ongoing antitrust lawsuit brought against NASCAR by 23XI Racing and Front Row Motorsports. The disclosure came Tuesday as Hamlin detailed his financial involvement with both teams during several hours on the stand.
The revelation of Hamlin’s salary and investment details emerged during the trial, which centers on allegations of anti-competitive practices by NASCAR. The lawsuit, opened Monday, aims to challenge the financial structure of the sport and its impact on team profitability. Hamlin’s unique position as both a driver for a top-tier team and a team owner adds significant weight to the proceedings, offering a rare inside look at the financial realities of NASCAR.
Hamlin, a 21-year veteran with 721 NASCAR Cup Series starts and 60 race wins – including six in the 2024 season – testified he holds a 40% stake in 23XI Racing. he has personally invested $45 million into the team, comprised of $10 million in cash and $35 million in loans.
Court testimony also revealed that 23XI Racing generated $3 million in revenue in 2023. This contrasts sharply with the financial struggles of Front Row Motorsports, whose owner previously stated he has lost $100 million since entering the sport. The financial strain is underscored by the $35 million cost of 23XI Racing’s new ‘Airspeed’ race shop near Charlotte, North Carolina, which opened in 2024.
The antitrust trial continues Wednesday with further testimony expected from NASCAR executive vice president Scott Prime.