New York CNN  —  Dynastic hot dog eating champion Joey Chestnut will not compete in this year’s Nathan’s hot dog eating contest after he struck a deal with plant-based food company Impossible Foods. “We are devastated to learn that Joey Chestnut has chosen to represent a rival brand that sells plant-based hot dogs rather than competing in the 2024 Nathan’s Famous Fourth of July Hot Dog Eating Contest,” the Major League Eating organization, which oversees the event, said in a statement. Chestnut won the “Mustard Yellow Belt” 16 times, ate a world record 76 hot dogs and buns in 10 minutes in 2021 and has reportedly made hundreds of thousands, if not millions, of dollars for his competitive eating of hot dogs and other foods. A representative for the MLE said that the company tried to accommodate Chestnut and his management team, which included allowing him to compete in a rival unbranded hot dog eating contest on Labor Day. The MLE has also emphasized that Chestnut was not banned for life from competing, citing his 20-year relationship with the league. The organization said that to come back Chestnut must renounce deals with brands that rival Nathan’s. “Joey Chestnut is an American hero. We would love nothing more than to have him at Nathan’s Famous International Hot Dog Eating Contest, which he has dominated for years. We hope that he returns when he is not representing a rival brand,” the MLE said in a statement. Joey Chestnut, Nathan’s and it’s parent company, Smithfield Foods, did not reply to requests for comment. Impossible Foods declined to comment for this story. This is a developing story and will be updated.