All articles tagged with #harris blitzer sports and entertainment
Bob Myers, former Warriors GM and NBA analyst, is leaving ESPN to become president of Harris Blitzer Sports & Entertainment, which owns multiple sports teams including the Philadelphia 76ers, and will also serve as an adviser to the organization, seeking a new challenge in the sports industry.
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.
A prospectus prepared by Harris Blitzer Sports & Entertainment predicts that the removal of Daniel Snyder as owner of the Commanders will result in greater attendance, increased ticket and sponsorship revenue, and up to $1.5 billion in public funding for a new stadium in Virginia. The document was used to pitch the deal to limited partners who bought into the deal with Harris, allowing him to raise the $6.05 billion to buy the team. However, questions remain about whether Harris has the liquidity to compete with the best NFL franchises.