UPDATE: Today Joe Gibbs Racing (JGR) announced it has received a significant investment from Harris Blitzer Sports & Entertainment (HBSE) and Arctos Partners. The minority investment aims to support Coach Gibbs’ vision for the growth of JGR as a family company and as a continued leader in NASCAR. Through the investment, Joe Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment pending approval by the NBA and the NHL.
“Josh Harris, David Blitzer and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer and youth sports. Their teams are among the most successful in their leagues in growing audience and sponsorship and their commitment to the communities they work in are unparalleled. I am excited to join the HBSE family and to have their support in growing Joe Gibbs Racing,” said Joe Gibbs.
“In recent years I’ve been fortunate enough to get to know Coach Gibbs and am proud to count him as a trusted friend and advisor,” said HBSE’s Co-Founder Josh Harris. “Joe is a winner. First in football and then with Joe Gibbs Racing, he has led organizations that build winning cultures based on strong values and a deep commitment to family and faith. This investment and partnership aims to support his vision and allow Joe Gibbs Racing to continue its track record of excellence long into the future.”
On Coach Gibbs’ joining HBSE as a limited partner, Co-Founder David Blitzer said, “We welcome Coach Gibbs and JGR to the HBSE family. At HBSE, our definition of winning extends beyond the playing surface to positively impact the communities we serve. Coach Gibbs and his team epitomize that and we’re excited to support him and his team as they continue to grow.”
“We’re thrilled to be entering this relationship with Joe Gibbs Racing alongside HBSE,” said Chad Hutchinson, Partner at Arctos Partners. “Coach Gibbs has created one of the most successful organizations in NASCAR, and we are excited about the opportunities to support JGR’s growth as they continue to be a leader on the track.”
Joe Gibbs Racing was founded in 1992 by Pro Football Hall of Fame Coach Joe Gibbs. The team captured its first win at the 1993 Daytona 500, and since that time, JGR has totaled more combined wins across NASCAR’s top three national series than any other organization in the history of the sport. That win total now stands at 401, including 204 NASCAR Cup Series victories and 197 wins in the NASCAR Xfinity Series. Over that time, JGR has captured five NASCAR Cup Series Championships and six NASCAR Xfinity Series Owner Championships. Gibbs was inducted into the NASCAR Hall of Fame in 2020.
Ardea Partners LP served as the exclusive financial adviser to Joe Gibbs Racing, Inc.
— Joe Gibbs Racing —
ORIGINAL POST: Joe Gibbs Racing has sold a minority equity stake in the team to Harris Blitzer Sports & Entertainment, bringing in some of the most aggressive and talked-about owners in sports to NASCAR. The deal will be announced later this morning with terms undisclosed, though it is said to be a significantly sized minority stake that HBSE has bought in the team. The deal brings together team owner Joe Gibbs, the Commanders’ former HOF coach, and Josh Harris, the prospective new owner of the Commanders.
The team’s valuation was not immediately able to be learned, nor was it clear if there was any path to eventual majority control. Also party to the deal is Arctos Sports Partners, which invested in HBSE last year, and Gibbs will become a limited partner in HBSE as part of this agreement.
Gibbs and team President Dave Alpern will continue running the day-to-day operations of JGR, while HBSE will consult with the team in areas like marketing and sales, according to the sides. The team name will not change.
As part of the agreement, Gibbs will be a limited partner in the Devils and 76ers, pending approval by the NHL and NBA.