While Philadelphia 76ers fans await any news on this summer’s free agency or trade front, or perhaps the team looking to acquire a pick to re-enter this Thursday’s NBA draft, the franchise’s managing partner Josh Harris is staying busy.
About a month after the news broke about his investment group, Harris Blitzer Sports & Entertainment (HSBE), reaching an agreement to purchase the NFL’s Washington Commanders franchise, the group is now making a minority investment in Joe Gibbs Racing. Below is a press release from HSBE announcing the partnership:
“Today Joe Gibbs Racing (JGR) announced it has received a significant investment from Harris Blitzer Sports & Entertainment (HBSE) and Arctos Partners. The minority investment aims to support Coach Gibbs’ vision for the growth of JGR as a family company and as a continued leader in NASCAR. Through the investment, Joe Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment pending approval by the NBA and the NHL.
“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 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 aims to support his vision and allow Joe Gibbs Racing to continue its track record of excellence long into the future.”
On Coach Gibbs’ joining HBSE as a limited partner, Co-Founder David Blitzer said, “We welcome Coach Gibbs and JGR to the HBSE family. At HBSE, our definition of winning extends beyond the playing surface to positively impact the communities we serve. Coach Gibbs and his team epitomize that and we’re excited to support him and his team as they continue to grow.”
There is a also a story on this deal from David Aldridge of The Athletic:
Josh Harris stays busy: the soon-to-be owner of the Commanders is making a major financial investment in Joe Gibbs Racing, per sources, through Harris Blitzer Sports Entertainment, his sports company w/fellow billionaire David Blitzer. In @TheAthletic: https://t.co/Kdy0JHQCaf— David Aldridge (@davidaldridgedc) June 20, 2023
There are no dollar amounts mentioned for what is still a pending transaction, but a “significant investment” is surely a drop in the bucket compared to the $6.05 billion price tag for the Washington Commanders. Forbes valued Joe Gibbs Racing at $230 million back in February 2020. I wouldn’t worry about whether this news affects the Sixers front office’s ability to bring back Paul Reed, anyway.
The notable point for Sixers fans might be the line stating, “Gibbs will also become a limited partner in Harris Blitzer Sports & Entertainment pending approval by the NBA and the NHL.” For Eagles fans, seeing the man who coached an Eagles’ division rival across three decades be even a small part of the Sixers’ ownership group is undoubtedly a little strange.
Josh, as long as you’re in a buying mood, please give Daryl Morey around $3 to $5 million to purchase a second-round pick. Then you can go back to playing professional sports monopoly.