Joe Gibbs Racing has sold a minority equity stake in the team to Harris Blitzer Sports & Entertainment, bringing in some of the most aggressive and talked-about owners in sports to NASCAR. The deal will be announced later this morning with terms undisclosed, though it is said to be a significantly sized minority stake that HBSE has bought in the team. The deal brings together team owner Joe Gibbs, the Commanders‘ former HOF coach, and Josh Harris, the prospective new owner of the Commanders.

The team‘s valuation was not immediately able to be learned, nor was it clear if there was any path to eventual majority control. Also party to the deal is Arctos Sports Partners, which invested in HBSE last year, and Gibbs will become a limited partner in HBSE as part of this agreement.

Gibbs and team President Dave Alpern will continue running the day-to-day operations of JGR, while HBSE will consult with the team in areas like marketing and sales, according to the sides. The team name will not change.

As part of the agreement, Gibbs will be a limited partner in the Devils and 76ers, pending approval by the NHL and NBA.

Sports Business Journal

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