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Arts Culture STEM Competition Wednesday 22nd May 2024 Industry Opinion Local Nations

NFL Legend's Support: Gibbs Backs Harris' NFL Franchise Purchase


The racing world and the sports business landscape are about to witness a unique and unexpected alliance. NFL Hall of Fame coach Joe Gibbs, famous for turning the Washington Redskins into an NFL powerhouse, is about to become closely linked with Josh Harris, the billionaire businessman poised to purchase Gibbs' former NFL franchise, the Washington Commanders.

Harris, along with business partner David Blitzer under their HBSE banner (Harris Blitzer Sports and Entertainment), is making a significant financial investment in Gibbs' NASCAR conglomerate, Joe Gibbs Racing (JGR). A group of private equity platform Arctos Partners is also participating in the deal. Sources, who requested anonymity due to the pending transaction, revealed that the group will acquire a minority stake in JGR, which boasts an impressive resume of five NASCAR Cup Series Championships, six NASCAR Xfinity Series Owner Championships, and more than 400 race wins across NASCAR's top three racing series since its inception in 1992.

However, Gibbs, now an integral part of the NASCAR Hall of Fame since 2020, will retain full control of the day-to-day operations of his racing team. Harris Blitzer Sports and Arctos Partners will focus on bolstering marketing, sales, and the business side of the operation without meddling in Gibbs' family-run business model.

While the specifics of the investment remain undisclosed, it is clear that Harris and Gibbs share a budding camaraderie. Gibbs has been providing counsel to Harris during his pursuit of acquiring the Washington Commanders from current owner Dan Snyder. Upon the tentative agreement to sell the NFL franchise to Harris and his group for over $6 billion, Gibbs extended his support to the incoming owner.

The addition of Joe Gibbs Racing to Harris' sports empire, which already includes the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, further cements Harris' position in the sports industry. Additionally, Gibbs will become a limited partner in HBSE, pending approval by the NBA and NHL.

For JGR, this investment brings a welcome influx of capital that can be invested in ensuring the team's competitiveness on the racetrack. In NASCAR, money translates to speed, and Gibbs' association with Harris opens up exciting possibilities for the racing powerhouse.

With the deal still pending finalization and regulatory approvals, the sports world eagerly awaits the unfolding partnership between NFL legend Joe Gibbs and NBA billionaire Josh Harris. Whether it's touchdowns or checkered flags, it seems this dynamic duo is set to leave their mark on two vastly different sports realms.

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