On September 21, 2020, Jordan and NASCAR driver Denny Hamlin announced they would be fielding a NASCAR team with Bubba Wallace driving, beginning competition in the 2021 season.[162] On October 22, the team’s name was confirmed to be 23XI Racing (pronounced twenty-three eleven) and that the team’s entry will bear the number 23.

via 23xiracing.com;

Toyota is pleased to announce their support of the new NASCAR Cup Series team 23XI Racing, which is co-owned by NBA legend Michael Jordan and current NASCAR Cup Series championship contender Denny Hamlin. 23XI Racing will make its debut in the 2021 Daytona 500 with Bubba Wallace behind the wheel of the No. 23 Toyota Camry.

The partnership with Toyota Motor North America (TMNA) includes support from Toyota Racing Development, U.S.A. (TRD), who will build the team’s engines and provide technology, data and technical assistance.