Getty Joe Gibbs has a new business partner.
Joe Gibbs Racing has secured a new partner after selling a minority interest in its NASCAR operation. The organization will now have a working relationship with Harris Blitzer Sports & Entertainment (HBSE).
JGR announced the news on June 20 with a press release. The NASCAR organization said that it had received a “significant investment” from HBSE and Arctos Partners, which will help support Joe Gibbs’ “vision for the growth of JGR as a family company and as a continued leader in NASCAR.”
HBSE, founded by Josh Harris and David Blitzer, has ties to multiple sports leagues. The Philadelphia 76ers and New Jersey Devils are both HBSE brands. The Washington Commanders will also join this group as Harris is set to become the NFL team’s new owner.
As part of the investment, Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment. Though this remains pending until the NBA and NHL both approve the move.
The Deal Does Not Include Day-to-Day Operations
GettyMartin Truex Jr. (left) & Denny Hamlin (right) race at Kansas Speedway.
An important note about this deal is that HBSE does not have a role in the day-to-day operations of Joe Gibbs Racing. Instead, Gibbs and team president Dave Alpern will continue running the organization.
HBSE and Arctos will have a more prominent role in the marketing, sales, and business side of Joe Gibbs Racing. This will only help the organization continue to grow as it pursues more wins and championships.
“Josh Harris, David Blitzer, and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer, and youth sports,” Gibbs said in a press release.
“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 Previously Showed Support for Harris
GettyJoshua Harris speaks at a Philadelphia 76ers event.
The partnership between HBSE and Joe Gibbs Racing is not the first time that Harris and the Hall of Famer have crossed paths. Gibbs previously showed his support for the billionaire’s purchase of the Washington Commanders.
Gibbs issued a statement in May that made clear his support. He explained how great leadership comes from the top, and he said that Harris shares his values. Gibbs then said that he was committed to doing what he could to help the Commanders reconnect with the community.
Gibbs achieved no shortage of success during his time in the NFL. He compiled a coaching record of 224-141-1, and he led the then-Redskins to three Super Bowl titles (1982, 1987, and 1991). Two of his players — kicker Mark Moseley and quarterback Joe Theismann — won MVP.
“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,” Harris said in a press release on June 20.
“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.”
