On Tuesday, Joe Gibbs Racing made an absolutely impactful announcement, which will be a key move in the growth of the organization for years to come.
The race team has officially announced that it has received a significant investment from Harris Blitzer Sports & Entertainment and Arctos Partners. The investment from the firms in JGR was described as a minority investment, which will aim to support Coach Joe Gibbs' vision for growth of his family company and to help keep JGR as a continued leader within NASCAR.
According to the announcement from JGR, Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment, pending approval by the NBA and the NHL.
Understandably, Gibbs is excited about the new partnership.
“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 Joe Gibbs.
Joe Gibbs Racing was founded by Gibbs in 1992, and it didn't take the team long to win. The Hall of Fame NFL Head Coach, who won three NFL Super Bowls, won the Super Bowl of NASCAR in his second season as a team owner as Dale Jarrett won the 1993 Daytona 500 in his No. 18 entry.
JGR now has more than 400 wins in the NASCAR National Series ranks -- more than any team in NASCAR history. Now, the focus is on helping JGR move forward to continue delivering results on the race track for years to come.
“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,” said HBSE’s Co-Founder Josh Harris. “Joe is a winner. First in football and then with Joe Gibbs Racing, he has led organizations 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.”
In addition to the results on the track, Gibbs and his family's actions away from the track are what also attracted HBSE to JGR.
“We welcome Coach Gibbs and JGR to the HBSE family. At HBSE, our definition of winning extends beyond the playing surface to positively impact the communities we serve. Coach Gibbs and his team epitomize that and we’re excited to support him and his team as they continue to grow,” said HBSE's Co-Founder David Blitzer.
This new partnership is all about opportunity. There is an opportunity for JGR, HBSE and Arctos Partners to all grow while helping each other reach their own goals.
“We’re thrilled to be entering this relationship with Joe Gibbs Racing alongside HBSE,” said Chad Hutchinson, Partner at Arctos Partners. “Coach Gibbs has created one of the most successful organizations in NASCAR, and we are excited about the opportunities to support JGR’s growth as they continue to be a leader on the track."
Photo Credit: Gavin Baker, LAT Images, Courtesy of Toyota Racing