Denny Hamlin and Michael Jordan will partner in a Cup team that will have Bubba Wallace as its driver for 2021, Hamlin announced on social media Monday night.

Hamlin said details about the single-car team will be announced at a later date.

Germain Racing announced Monday that it had sold its charter.

The partnership of Hamlin and Jordan brings one of the sport’s most recognizable figures to NASCAR.

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

“Historically, NASCAR has struggled with diversity and there have been few Black owners. The timing seemed perfect as NASCAR is evolving and embracing social change more and more. In addition to the recent commitment and donations I have made to combat systemic racism, I see this as a chance to educate a new audience and open more opportunities for Black people in racing.”

NASCAR issued a statement Monday night on Jordan joining the series.

“We proudly welcome Michael Jordan into the NASCAR family, and look forward to watching Michael, Denny Hamlin and Bubba Wallace compete in 2021. Michael is an iconic sports figure and celebrated champion whose fiercely competitive nature has placed him among the greatest athletes of all time. His presence at NASCAR’s top level will further strengthen the competition, excitement and momentum growing around our sport. We wish Michael and his team tremendous success.”

Hamlin said last weekend that he has been interested in ownership “for a while.

“I still don’t know how long my driving career will go,” he said. “There are several different sides of management or what not that I would like to be a part of when it comes to NASCAR and the sport itself. It has to be the right opportunity and if it’s not the right opportunity, the right time then I won’t do it. Everything just has to line up perfectly for me to even remotely consider it.

“I do believe that the (ownership) model will hopefully get better. Do I think it’s fixed? No, I think there is still some work to be done to make the model a viable business. You want a business that everyone wants to be a part of, not the ones that are fleeting. Certainly, I think NASCAR is trying it’s best to make the teams a little more healthy. I think that outlook towards the future is what’s interesting to me.”

Jordan has been a long-time motorsports fan and supporter of Hamlin. Nike’s Michael Jordan Brand first had a deal with Hamlin in 2011, putting Jordan’s “jumpman” logo on Hamlin’s firesuit.

The Jordan Brand grew more than 50% in China for fiscal year 2020, approaching $1 billion in annual revenue, John Donahoe, president and chief executive Nike, Inc., said in an earnings call with investor analysts June 25.

Jordan attended the 2019 Cup championship race in Miami in hopes of celebrating a Hamlin title. Jordan also attended the 2014 title race and was among the first to greet Hamlin after he exited the car that day after failing to win the championship.

Jordan told NBC Sports’ Dale Earnhardt Jr. about his interest in motorsports last year at Miami.

“I’m a big racing fan,” Jordan said. “Started off when I was a kid. Grew up watching (Dale Earnhardt Sr.), Richard Petty, Cale Yarborough, which was the original 11 that I remember. Now I’m good friends with Denny Hamlin. We go way back. He’s a season ticket holder at the (Charlotte) Hornets (owned by Jordan). I spend a lot of time playing golf with him.”

Asked by Dale Earnhardt Jr. about any interest in becoming a NASCAR team owner, Jordan said: “No, I’ve got a lot on my plate. I love being a fan. I still understand the sport, but in terms of ownership, nah, I think I’m just going to sit back and watch it and support from afar.”

The 26-year-old Wallace is in his third full season in Cup. All 105 of his starts in NASCAR’s premier series has been with Richard Petty Motorsports.

“Bubba has shown tremendous improvement since joining the Cup Series and we believe he’s ready to take his career to a higher level,” Hamlin said in a statement.

Wallace, the only Black driver competing full-time in any of NASCAR’s top three national series, He has been active in helping lead NASCAR through social changes, including the banning of the Confederate flag at series events and tracks.

Wallace previously stated he had offers from Richard Petty Motorsports and Chip Ganassi Racing.