Saturday, April 20, 2024

Harris Blitzer acquires stake in Joe Gibbs Racing

Joe Gibbs was one of the most decorated coaches in National Football League history, winning three Super Bowls for what is now the Washington Commanders and being inducted into the Pro Football Hall of Fame. On Tuesday, incoming Commanders owner Josh Harris returned the favour as his Harris Blitzer Sports & Entertainment (HBSE) firm as well as Arctos Partners have provided a “significant investment” into Joe Gibbs Racing.

“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 stated. “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.”

Harris and HBSE co-founder David Blitzer own multiple sports teams including the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils. The duo also hold stakes in Premier League club Crystal Palace, though there have been musings about them going for a share in Manchester United, while Blitzer owns multiple football clubs including Real Salt Lake and FC Augsburg.

HBSE previously partnered with Formula One great Lewis Hamilton in a failed multi-star effort to buy Chelsea, though Harris’ impending purchase of the Commanders means he and Hamilton will still be NFL owner colleagues as Hamilton is part of the Denver Broncos’ ownership group.

As part of the new partnership, Gibbs will also join HBSE and therefore become a stakeholder in the 76ers and Devils pending approval from their respective leagues.

“Josh Harris, David Blitzer and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer, and youth sports,” Gibbs commented. “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.”

Despite HBSE’s arrival, Gibbs intends to keep JGR’s majority stake within his family. The team fields four cars in the NASCAR Cup Series and three in the Xfinity Series.