JGR team owner and Hall of Famer, Joe Gibbs gives a thumbs up to Martin Truex Jr., driver of the #19 Bass Pro Shops Toyota, (not pictured) in victory lane after winning the NASCAR Cup Series Würth 400 at Dover International Speedway on May 01, 2023 in Dover, Delaware. (Photo by James Gilbert/Getty Images)
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NASCAR: Joe Gibbs sells minority stake in NASCAR team

Posted by AR1 staff

Joe Gibbs Racing has sold a minority equity stake in the team to Harris Blitzer Sports & Entertainment (HBSE), and specifically Josh Harris, incoming Washington Commanders owner.

Gibbs’ desire to keep his company as a family-run business will continue unabated, as HBSE won’t have a hand in daily operations, but they are making a substantial financial investment in the race team.

HBSE will help in areas like marketing and sales, plus funding.

As part of the deal, Gibbs will become part owner of the Philadelphia Sixers Basketball Team and the NJ Devils Ice Hockey team, pending NBA/NHL approval.

Joe Gibbs Racing Press Release

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.