Wallace has signed a multi-year deal to drive for the yet-to-be-named, single-car team.
The announcement also means Jordan becomes the first Black majority owner of a full-time race team in NASCAR’s premier series in 60 years. The last Black man to own a team was Wendell Scott, who owned and raced his own car from the 1960s into the early 1970s.
“I’ve been a NASCAR fan my whole life,” Jordan said. “The opportunity to own my own racing team in partnership with my friend, Denny Hamlin, and to have Bubba Wallace driving for us, is very exciting for me.”
NASCAR has historically struggled with diversity and there have been few Black owners, Jordan said.
“The timing seemed perfect as NASCAR is evolving and embracing social change more and more,” he said.
Wallace, the only full-time African American driver in NASCAR’s Cup Series, announced earlier this month he was leaving the Richard Petty Motorsports team after the 2020 season. Wallace had been with the team the past three seasons.
“This is a unique, once-in-a-lifetime opportunity that I believe is a great fit for me at this point in my career,” Wallace said Monday. “Both Michael and Denny are great competitors and are focused on building the best team they possibly can to go out and compete for race wins.”
Hamlin said in a statement that “it just makes sense now to lay the foundation” of his racing career after he retires from racing.
“Michael and Bubba can be a powerful voice together, not only in our sport, but also well beyond it,” he said.
CNN’s Homero De la Fuente contributed to this report.