New Washington Commanders owner Josh Harris buys minority stake in Joe Gibbs Racing

Josh Harris has decided to dip into another major sport. The new owner of the NFL‘s Washington Commanders has also purchased a minority stake in Joe Gibbs Racing, per FOX NASCAR reporter Bob Pockrass.

The purchase comes through Harris Blitzer Sports Entertainment. Per The Athletic, HBSE will have no function in the day-to-day operations of Joe Gibbs Racing. The efforts will be more geared towards marketing, sales and business.

Reports indicate Gibbs wants to keep the team within the family and only had interest in selling a minority stake.

News of Harris’ minority stake in the NASCAR team comes shortly after purchasing the Commanders from the family of Dan Snyder for an expected $6 billion.

Josh Harris, who is the new owner of the Washington Commanders, has bought a minority piece stake into Joe Gibbs Racing through Harris Blitzer Sports Entertainment.

— Bob Pockrass (@bobpockrass) June 20, 2023

While these leagues might be new ventures for Harris, he’s been involved with sports ownership previously. He also owns the NHL’s New Jersey Devils and the NBA’s Philadelphia 76ers.

Harris is purchasing stake in one of the top-tier teams on the NASCAR circuit. Joe Gibbs Racing has won five NASCAR Cup Series Championships and six NASCAR Xfinity Series Owner Championships.

Joe Gibbs Racing was founded in 1992. Currently drivers for the team include Denny Hamlin, Ty Gibbs, Martin Truex Jr., Christopher Bell, Sammy Smith, John Hunter Nemechek, Ryan Truex and William Sawalich.

Josh Harris still finalizing deal to own Commanders

It’s virtually a done deal, but there are still a few hurdles Harris and his ownership group need to clear before the sale of the Commanders becomes official.

Earlier this month, it was reported that there were still some things that needed to be addressed before the sale was finalized. However, it wasn’t expected to stand in the way of the transaction.

The Washington Post reported that the deal was in the “90 percent range” in terms of completion. So, it sounds like there were just a few issues that needed to be addressed before things got finalized.

Per the report, one of the biggest hangups at the moment is the amount of debt in the deal. The NFL has a $1.1 billion debt limit.

Harris has said he will make the “necessary adjustments” to get the deal finalized. In order for the organization to change hands, 24 of the 32 NFL owners must approve.