Joe Gibbs Racing is hoping that the business savvy from a new billionaire pal will help bring the type of long-term sustainability to keep them at the top of the NASCAR standings for years to come.
After a frustrating start to the 2023 NASCAR season, the Joe Gibbs Racing team has been a dominant force as they now have three drivers in the top four as we near the playoffs. It is just the latest instance that showcases what has become one of the best racing teams in the sport. However, maintaining that level of success is not easy and costs a lot of money.
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Funding such an operation has become a little bit problematic for JGR in recent years as they have suffered some major losses in sponsors that have led to some difficult cutbacks. However, the team agreed to a major partnership in June that has seemingly paid dividends this season and should for many years to come.
On Monday, Sports Business Journal offered up an in-depth look at why the team sees a huge amount of upside in their new working relationship with billionaire businessman Josh Harris. The individual who leads Harris Blitzer Sports & Entertainment’s name might seem familiar because it has been in NFL headlines in recent months as a consortium he fronted landed the winning bid to purchase the Washington Commanders.
Joe Gibbs Racing points (2023): 744
When the news first broke in June that Harris’ group was in play for the Commanders, it reportedly set off bells at Joe Gibbs Racing since their founder has such a legendary resume in Washington football history. Yet, that connection isn’t the only reason the partnership is extremely beneficial for JGR. Harris is also a part owner of the Philadelphia 76ers and the New Jersey Devils and his company has shown a strong talent for developing the business side of pro sports.
Boosting the business side of the JGR is something President Dave Alpern told SBJ they needed help with. Especially when it comes to landing big-money sponsorships.
“Strategically, we were looking for not just a partner who would invest money in us but also an expert in monetizing pro sports teams,” Alpern says. “When we found out there was even remote interest in HBSE meeting with us, they were at the top of our lists.
“… People want more for less, which is creating challenges for teams because instead of one or two brands using the whole season, now it’s multiple brands, and selling a $2 million sponsorship takes just as much time as a $10 million deal,” he added. “You’re finding yourself having to be more creative in telling the story and creating value, and this connects us with a family we were not a part of. … Now we have a group we can lean on a bit.”
Considering Joe Gibbs Racing’s success in 2023, it looks like this new partnership could keep them at the top for many seasons to come.