Soon-to-be Washington Commanders owner Josh Harris is strengthening his ties with the franchise’s legendary three-time Super Bowl champion coach, Joe Gibbs.
Harris Blitzer Sports & Entertainment — the billionaire’s holding company that owns the Philadelphia 76ers and New Jersey Devils — is buying a minority stake in Joe Gibbs Racing.
Gibbs, 82, will also join HBSE as a limited partner pending approval from the NBA and NHL. The Hall of Fame football coach hasn’t been named as a member of the Harris-led group purchasing the Commanders — which is separate from HBSE — despite such speculation following Gibbs’ vocal support for the ownership transition.
Financial details of the investment aren’t available, but just before the pandemic in 2020, Forbes valued JGR at $230 million, making it the second-most-valuable NASCAR team behind Hendrick Motorsports.
While Gibbs will keep full operational control, HBSE will aid in boosting the marketing and business side of the racing team, according to The Athletic. JGR is based just outside Charlotte, North Carolina, while HBSE is headquartered in Camden, New Jersey.
Arctos Expanding Sports Footprint
As part of the deal, Arctos Sports Partners — a private equity group that invested in HBSE last year at a $3 billion valuation — is also getting a minority stake in JGR, marking the firm’s first foray into NASCAR. Arctos has minority team investments across the NHL, NBA, and MLB.
The company is also reportedly interested in investing in French soccer team Paris St. Germain.