CHARLOTTE, N.C. — Joe Gibbs has sold a minority stake in his eponymous NASCAR team to prominent members of the group awaiting approval to take over ownership of the NFL’s Washington Commanders.
The deal announced Tuesday said Joe Gibbs Racing has “received a significant investment” from Harris Blitzer Sports & Entertainment for the minority stake in the team. The private equity platform Arctos Partners will also be making a minority investment in JGR.
Gibbs, meanwhile, will become a limited partner in Harris Blitzer Sports & Entertainment, pending approval by the NBA and NHL. HBSE owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. Josh Harris, the founder, is head of the ownership group for the Commanders.
“Josh Harris, David Blitzer and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer and youth sports," Joe Gibbs said in a statement. “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.”
Gibbs won three Super Bowls coaching Washington's NFL team and had two stints as its head coach. He is both an NFL and NASCAR Hall of Famer.
“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 adviser. 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," Harris said. "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.”
HBSE and Arctos will work to enhance and support the marketing, sales and business side of the operation. Gibbs advised Harris during his pursuit of the Commanders and issued a statement of support when the tentative agreement between Harris and Dan Snyder was announced in May.
Joe Gibbs Racing was founded in 1992 and won its first race in 1993 — the Daytona 500 with Dale Jarrett. JGR has 204 Cup wins and 197 Xfinity wins, and five Cup titles with Bobby Labonte, Tony Stewart and Kyle Busch.
JGR this year fields cars for Christopher Bell, Ty Gibbs, Denny Hamlin and Martin Truex Jr. HBSE will have no role in the day-to-day operations of JGR, which is headed by Gibbs and company president Dave Alpern.
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Sourse: abcnews.go.com
