FORT WORTH, TEXAS - SEPTEMBER 25: JGR team owner and Hall of Famer Joe Gibbs looks on during the ... [+]
NASCAR powerhouse team Joe Gibbs Racing has added an investor that will see the team in a partnership that will extend its reach into the NBA and NHL.
The team announced Tuesday a minority investment from Harris Blitzer Sports & Entertainment (HBSE) and Arctos Partners making those entities minority owners in the NASCAR team.
Joe Gibbs who founded JGR in 1992 is an NFL Hall of Fame coach who once led the Washington football team known as the Redskins. HBSE’s co-founder is Josh Harris is the probable future owner of the NFL team, now known as the Washington Commanders.
“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 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.”
MINNEAPOLIS, MN - JANUARY 26: Head Coach Joe Gibbs of the Washington Redskins gets carried off the ... [+]
Through the partnership, Joe Gibbs will become a limited partner in HBSE. While the ownership group for the Washington Commanders is separate, Gibbs advised Harris during the negotiations that successfully ended in May to buy the Washington team which Coach Gibbs led to three Super Bowls. At the time the NFL deal was announced Gibbs was a vocal supporter.
Gibbs advised Harris during the negotiations that successfully ended in May to buy the Washington team which Coach Gibbs led to three Super Bowls. At the time he issued a statement in support of the acquisition.
“I’ve had the opportunity to get to know Josh Harris and the leadership team during this process and fully support his efforts to lead the new ownership group of the Commanders,” Gibbs said in the statement. “The NFL has grown a great deal since my time as a coach in this League, but what hasn’t changed is my belief that with great leadership from the top, the drive to win on the field and a commitment to culture – championship teams are created. Josh and his team share these values and I am committed to doing what I can to reconnect this great franchise to the community, fanbase, and alumni.”
Gibbs will not be involved with his old NFL team, he will now have a limited partnership of the NHL’s New Jersey Devils, and the NBA’s Philadelphia 76ers, once the deal is approved through the respective leagues. In addition, HBSE has an interest in the Prudential Center.
“We welcome Coach Gibbs and JGR to the HBSE family,” HBSE co-founder David Blitzer said. “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.”
In addition to HBSE, Arctos Sports Partners, a private equity group that invested in HBSE in 2022 will also be getting a minority stake in JGR, that firm’s first investment in NASCAR.
Gibbs and JGR president Dave Alpern will continue running the NASCAR team. HBSE will focus on consulting with the team in the areas of sales and marketing. The Joe Gibbs Racing name will remain. In 2020 Forbes valued the team at $230 million, second only behind Hendrick Motorsports at $315 million.