Basketball great Michael Jordan and three-time Daytona 500 winner Denny Hamlin have partnered to form a new single-car Nascar Cup Series team that will feature Bubba Wallace as its driver.

Jordan, a six-time NBA champion, will serve as principal owner of the team, with Hamlin a minority partner while he continues to drive for Joe Gibbs Racing.

Wallace, the only black driver at Nascar's top level, was thrust into the spotlight this year when his calls for Nascar to ban the Confederate flag - which many see as a symbol of oppression - at all events was ultimately adopted.

The driver was later involved in a controversy when a noose was found in his garage.

The US Justice Department said after an investigation that the noose may have been there since last October and that Wallace was not the target of a hate crime, while Nascar said the noose was used as a garage door pulldown.

"Historically, Nascar has struggled with diversity and there have been few black owners," Jordan said in a statement.

"The timing seemed perfect as Nascar is evolving and embracing social change more and more."

Jordan added that he saw this as a chance to "educate a new audience and open more opportunities for black people in racing."

Wallace said the role was ideal for him.

"This is a unique, once-in-a-lifetime opportunity that I believe is a great fit for me at this point in my career," he added.