All articles tagged with #arctos partners
Joe Gibbs Racing has sold a minority equity stake to Harris Blitzer Sports & Entertainment and Arctos Partners. The team announced that 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.
Joe Gibbs has sold a minority stake in Joe Gibbs Racing to Harris Blitzer Sports & Entertainment and Arctos Partners, with Gibbs becoming a limited partner in Harris Blitzer Sports & Entertainment as part of the deal. The day-to-day operations of Joe Gibbs Racing are not expected to change. The terms of the deal were not disclosed.
Harris Blitzer Sports and Entertainment and Arctos Partners have become minority investors in Joe Gibbs Racing, with Gibbs becoming a limited partner in HBSE. The investment was termed "significant." HBSE also owns the Philadelphia 76ers and the New Jersey Devils. Arctos has invested in 20 sports franchises in the NBA, MLB, NHL and MLS. Gibbs and JGR president Dave Alpern will continue to make day-to-day decisions, while HBSE and Arctos will provide strategic support.
Harris Blitzer Sports and Entertainment, the future owners of the Washington Commanders, have purchased a minority stake in NASCAR team Joe Gibbs Racing along with Arctos Partners. The move comes as JGR deals with sponsor cutbacks and lacks the ability to arrange business-to-business aspects of sponsorship deals through the owners' other corporate entities. HBSE agreed to purchase the Commanders from Daniel Snyder for $6 billion in May and is set to take over before the 2023 season begins.
Josh Harris, the incoming owner of the Commanders NFL franchise, is set to make a substantial financial investment in Joe Gibbs Racing (JGR), a NASCAR conglomerate. Harris' ownership group, HBSE, will buy a minority stake in JGR, which has won over 400 races across NASCAR's top three racing series since its founding in 1992. The private equity platform Arctos Partners will also make a minority investment in JGR. Gibbs will continue to run JGR as a family business, with HBSE and Arctos working to enhance and support the marketing, sales, and business side of the operation.