Wallace has signed a multi-year deal to drive the as-yet-unknown team in a car.
The announcement also means that Jordan is becoming the first majority owner of a full-time racing team in NASCAR’s premiere 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 to the early 1970s.
“I’ve been a NASCAR fan all my life,” Jordan said. “The opportunity to have my own racing team in partnership with my friend Danny Hamlin and get Buba Wallace to drive for us is very exciting for me.”
NASCAR has historically struggled with diversity and has few black owners, Jordan said.
“The weather looked perfect as NASCAR evolved and embraced social change more and more,” he said.
Wallace, the only full-time African-American driver in the NASCAR Cup, announced earlier this month that he was leaving the Richard Petty Motorsports team after the 2020 season. Wallace has been with the team for the past three seasons.
“This is a unique once-in-a-lifetime opportunity that I believe is very appropriate 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 can possibly go out and compete to win the race.”
Hamlin said in a statement that “it just makes sense now to lay the groundwork” for his racing career after he retired from racing.
“Michael and Buba can be a powerful voice together, not only in our sport, but far beyond it,” he said.
CNN’s Homero De la Fuente contributed to this report.