Josh Harris is in the final stages of purchasing the Washington Commanders for over $6 billion. Harris isn’t done adding to his sports portfolio, and he’s partnering with a Washington legend on his next venture.
Joe Gibbs Racing announced that Harris Blitzer Sports & Entertainment and Arctos Partners would make a minority investment into JGR. Gibbs pending approval by the NBA and NHL, will be a limited partner in the Philadelphia 76ers, New Jersey Devils, and HBSE.
🚨 NEWS 🚨
Joe Gibbs Racing announces partnership with Harris Blitzer Sports & Entertainment and Arctos Partners. pic.twitter.com/DBz8EKbrvI
— Joe Gibbs Racing (@JoeGibbsRacing) June 20, 2023
The Athletic included some additional details that weren’t in the press release. The JGR name will stay the same, and Blitzer is mainly staying out of the day-to-day operations of the NASCAR team. Along with the investment, HBSE and Arctos “will provide work to enhance and support the marketing, sales and business side of the operation.”
That may mean cross-promotion opportunities between the NASCAR team and Harris’ other sports teams. Gibbs has had a solid partner in FedEx for nearly 20 years due to their connections with the Washington Commanders. Adding Harris into the fold potentially opens up JGR with sponsors from the Sixers and Devils to be put on one of his cars.
Harris and HBSE is the latest group from another sport to invest in NASCAR team ownership. Michael Jordan, who recently sold majority ownership of the Charlotte Hornets, co-owns 23XI Racing, while Fenway Sports Group, who own the Boston Red Sox, Pittsburgh Penguins, and Liverpool FC, co-own RFK Racing.
[Joe Gibbs Racing/The Athletic]
