Gibbs sells minority stake in Joe Gibbs Racing
Joe Gibbs has sold a minority stake in Joe Gibbs Racing to Harris Blitzer Sports & Entertainment and Arctos Partners.
In its announcement, the organization described it as a “significant investment.” However, there is no expected change in the day-to-day operations of Joe Gibbs Racing.
As part of the deal, Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment. It is pending approval by the NBA and NHL.
“Josh Harris, David Blitzer, and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer, and youth sports,” said Gibbs. “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.”
Joe Gibbs Racing fields four cars in the NASCAR Cup Series and six in the Xfinity Series. Gibbs founded the company in 1992.
Josh Harris of Harris Blitzer Sports & Entertainment is in pursuit of ownership of the Washington Commanders from current owner Dan Snyder. Gibbs won three Super Bowls with the team as its head coach.
“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, the co-founder of HBSE. “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.”
Terms of the deal with Harris Blitzer Sports & Entertainment were not disclosed.
“We welcome Coach Gibbs and JGR to the HBSE family,” said David Blitzer, co-founder of HBSE. “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.”
Arctos Partners is a private investment firm.
“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.”
Source: RACER
