JGR sells minority interest in its NASCAR operation

In a news release, JGR said the “significant investment from HBSE and Arctos Partners “aims to support Coach Gibbs’ vision for the growth of JGR as a family company and as a continued leader in NASCAR.”

HBSE is an American sports and property management company headquartered in Camden, N.J., and founded in 2017 by private equity investors Josh Harris and David Blitzer.

The group owns the NHL’s New Jersey Devils and NBA’s Philadelphia 76ers. It also is in the process of acquiring the NFL’s Washington Commanders, which should become official this summer.

Gibbs’ limited partnership in HBSE is pending approval by the NBA and NHL.

“Josh Harris, David Blitzer and their entire team have a vision that has delivered winning franchises in basketball, hockey, soccer and youth sports,” said Gibbs.

“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.”

JGR was founded in 1992 by Gibbs, the former Pro Football Hall of Fame coach of the then-Washington Redskins. The team captured its first win in NASCAR Cup competition in the 1993 Daytona 500.

Since then, JGR has totaled more combined wins across NASCAR’s top three national series – Cup, Xfinity and Trucks – than any other organization. That includes 204 Cup victories and 197 wins in Xfinity.

JGR has won five Cup championships and six Xfinity owner titles. Gibbs was inducted into the NASCAR Hall of Fame in 2020.

JGR currently fields four fulltime Cup teams with Denny Hamlin, Martin Truex Jr., Christopher Bell and Gibbs’ grandson, Ty Gibbs.

“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 aim to support his vision and allow Joe Gibbs Racing to continue its track record of excellence long into the future.”