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Joe Gibbs Racing sells minority stake in team

Nate Ryan, Dale Jarrett and Marty Snider preview the NBC, USA and Peacock portion of the NASCAR schedule, featuring Nashville, Chicago, Indianapolis and Daytona races before the playoffs start at Darlington in September.

Joe Gibbs Racing has sold a minority equity stake in the organization to Harris Blitzer Sports & Entertainment and Arctos Partners, JGR announced Tuesday.

Josh Harris, the founder of Harris Blitzer Sports & Entertainment, is the head of the new ownership group for the NFL’s Washington Commanders, pending approval by team owners.

MORE: NBC, USA Network broadcast schedule for Cup, Xfinity races

In a release, JGR announced it had “received a significant investment” for the minority stake in the team. Joe Gibbs Racing also stated Gibbs will become a limited partner in Harris Blitzer Sports & Entertainment, pending approval by the NBA and NHL. Harris Blitzer Sports & Entertainment owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

“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 in a statement.

Said Harris: “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. 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.”

Joe Gibbs Racing was founded in 1992. Its first win was the 1993 Daytona 500. The organization has 204 Cup wins and 197 Xfinity wins. JGR’s Cup drivers this season are Martin Truex Jr., Denny Hamlin, Christopher Bell and Ty Gibbs.