Joe Gibbs Racing receives minority investment from HBSE

Nascar team owner becomes limited partner in HBSE, Philadelphia 76ers and New Jersey Devils.
  • HBSE investment described as ‘significant’
  • Joe Gibbs to become limited partner in NBA’s 76ers and NHL’s Devils

Nascar team Joe Gibbs Racing have announced they have secured minority investment from Harris Blitzer Sports & Entertainment (HBSE) and Arctos Partners.

The investment is described as ‘significant’, with the goal to support Joe Gibbs’ vision of the team as a ‘family company’ in the US-based stock car racing series.

HBSE, co-owned by Josh Harris and David Blitzer, has numerous investments across the world of sports, owning the Philadelphia 76ers of the National Basketball Association (NBA) and the New Jersey Devils of the National Hockey League (NHL).

As a part of this investment, Gibbs will become a limited partner in HBSE, as well as the 76ers and the Devils pending NBA and NHL approval.

“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 Gibbs.

Harris added: “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. Joe is a winner. First in football and then with Joe Gibbs Racing, he has led organisations 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.”

HBSE also has minority stakes in the National Football League’s (NFL) Pittsburgh Steelers and Premier League soccer team Crystal Palace. HBSE was one of the interested parties in the protracted sale of Manchester United, while Harris has recently led a consortium in an NFL league-record purchase of the Washington Commanders for US$6.05 billion.

Arctos Partners, which invested in HBSE last year, has been noticeably active in recent years, with investments including minority stakes in the Golden State Warriors, the Sacramento Kings and the Utah Jazz of the NBA.

This investment represents HBSE’s first step into the world of motorsport, although the company previously partnered with Formula One icon Lewis Hamilton as part of a failed bid to purchase English soccer’s Chelsea.

Share

Related content