{"id":1572713,"date":"2023-06-20T15:58:41","date_gmt":"2023-06-20T19:58:41","guid":{"rendered":"https:\/\/sports7.us\/?p=1572713"},"modified":"2023-06-20T15:58:42","modified_gmt":"2023-06-20T19:58:42","slug":"joe-gibbs-new-partner-most-elaborate-portfolio-in-sports","status":"publish","type":"post","link":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/","title":{"rendered":"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports"},"content":{"rendered":"\n<p>At 82 years old, <a href=\"https:\/\/sports7.us\/joe-gibbs-looked-bad-guy-smart-one-bad-sign-christopher-bells-future\/\">Joe Gibbs<\/a> is as involved as ever in his <a href=\"https:\/\/sports7.us\/tag\/nascar\/\">NASCAR<\/a> team\u2019s operations, largely out of necessity. On Tuesday, the Hall of Fame football coach and racing team owner took an important step toward securing the future of <a href=\"https:\/\/sports7.us\/tag\/joe-gibbs-racing\/\">Joe Gibbs Racing<\/a> once his days in charge wind down.<\/p>\n\n\n\n<p>Gibbs\u2019 succession plan will rest on the shoulders of a man who has a hand in just about every major team sport in the country and a portfolio that reaches around the world.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Joe Gibbs strikes a deal with Harris Blitzer Sports &amp; Entertainment<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udea8 NEWS \ud83d\udea8 <br><br>Joe Gibbs Racing announces partnership with Harris Blitzer Sports &amp; Entertainment and Arctos Partners. <a href=\"https:\/\/t.co\/DBz8EKbrvI\">pic.twitter.com\/DBz8EKbrvI<\/a><\/p>&mdash; Joe Gibbs Racing (@JoeGibbsRacing) <a href=\"https:\/\/twitter.com\/JoeGibbsRacing\/status\/1671170085996883969?ref_src=twsrc%5Etfw\">June 20, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>In a span of just under four years, Joe Gibbs endured the death of both his sons, J.D. and Coy. Each would have been a logical owner of Joe Gibbs Racing, one of the largest and most successful organizations in NASCAR. Without them, there hasn\u2019t been an obvious plan since <a href=\"https:\/\/sports7.us\/in-final-public-appearance-coy-gibbs-praised-son-ty-also-acknowledged-room-for-growth\/\">Coy\u2019s death last November<\/a> on the night son Ty Gibbs captured the Xfinity Series championship.<\/p>\n\n\n\n<p>Everything changed on Tuesday with the announcement Joe Gibbs Racing has signed a deal with Harris Blitzer Sports &amp; Entertainment and Arctos Partners. In return for surrendering a minority stake in JGR, Joe Gibbs will become a limited partner in HBSE, making him a minority owner of the Philadelphia 76ers and New Jersey Devils.<\/p>\n\n\n\n<p>The announcement did not say as much, but it\u2019s reasonable to assume HBSE has negotiated the right to buy the remaining stake in the NASCAR team down the road. Together with JGR\u2019s hiring of automotive industry veteran Michael Guttilla as chief operating officer this spring, Gibbs has forged a plan to ensure the team\u2019s stability.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>David Blitzer leads an ambitious investment group in sports<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"999\" src=\"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/David-Blitzer.jpg?w=1024&amp;h=682&#038;strip=all&#038;quality=89\" alt=\"David Blitzer attends the Grand Reopening of Wollman Rink NYC in Central Park on Nov. 14, 2021, in New York City. | Cindy Ord\/Getty Images for Wollman Rink NYC\" class=\"wp-image-1572715\" \/><figcaption class=\"wp-element-caption\">David Blitzer attends the Grand Reopening of Wollman Rink NYC in Central Park on Nov. 14, 2021, in New York City. | Cindy Ord\/Getty Images for Wollman Rink NYC<\/figcaption><\/figure>\n\n\n\n<p>It was just over a year ago that <a href=\"https:\/\/sports7.us\/cleveland-guardians-newest-investor-pulls-off-feat-jerry-jones-and-george-steinbrenner-never-dared-to-try\/\">David Blitzer<\/a> and his partners at Harris Blitzer Sports &amp; Entertainment made history by purchasing 35% of the\u00a0<a href=\"https:\/\/sports7.us\/tag\/cleveland-indians\/\">Cleveland Guardians<\/a> for an estimated $500 million, making Blitzer the first person to hold stakes in franchises in five major U.S. team sports. <a href=\"https:\/\/www.sportico.com\/business\/sales\/2022\/david-blitzer-guardians-deal-1234678853\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sportico.com<\/a>\u00a0reported terms of the purchase give Blitzer the opportunity to buy a controlling interest in the Guardians at a later date.<\/p>\n\n\n\n<p>Tuesday\u2019s announcement of the deal with Joe Gibbs Racing represented his sixth foray into team ownership. Besides MLB\u2019s Guardians, Blitzer owns stakes in the Pittsburgh Steelers of the NFL, Philadelphia 76ers of the NBA, New Jersey Devils of the NHL, and Real Salt Lake of MLS. On top of that, he has invested in multiple overseas soccer clubs, including Crystal Palace in the English Premier League and FC Augsburg in the Bundesliga.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-is-cleveland-guardians-investor-david-blitzer\"><strong>Who is Cleveland Guardians investor David Blitzer?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">In addition to the U.S. teams, Blitzer also owns<br>\ud83c\uddec\ud83c\udde7 <a href=\"https:\/\/twitter.com\/CPFC?ref_src=twsrc%5Etfw\">@CPFC<\/a><br>\ud83c\uddea\ud83c\uddf8 <a href=\"https:\/\/twitter.com\/AD_Alcorcon?ref_src=twsrc%5Etfw\">@AD_Alcorcon<\/a><br>\ud83c\udde7\ud83c\uddea @WaaslandBeveren<br>\ud83c\uddf5\ud83c\uddf9 <a href=\"https:\/\/twitter.com\/estorilpraiasad?ref_src=twsrc%5Etfw\">@estorilpraiasad<\/a><br>\ud83c\uddf3\ud83c\uddf1 <a href=\"https:\/\/twitter.com\/ADODenHaag?ref_src=twsrc%5Etfw\">@ADODenHaag<\/a><br>\ud83c\udde9\ud83c\uddea <a href=\"https:\/\/twitter.com\/FCA_World?ref_src=twsrc%5Etfw\">@FCA_World<\/a> <a href=\"https:\/\/t.co\/4YQJlGwUcw\">pic.twitter.com\/4YQJlGwUcw<\/a><\/p>&mdash; Sportico (@Sportico) <a href=\"https:\/\/twitter.com\/Sportico\/status\/1537487467703685123?ref_src=twsrc%5Etfw\">June 16, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>A 1991 graduate of the University of Pennsylvania, David Blitzer, 53, is not outlandishly wealthy by MLB, NBA, or NFL standards. Nevertheless, the latest estimate by Forbes puts <a href=\"https:\/\/www.forbes.com\/profile\/david-blitzer\/?sh=2527af023af2\" target=\"_blank\" rel=\"noreferrer noopener\">his net worth at $1.9 billion<\/a>.<\/p>\n\n\n\n<p>Blitzer, a New Jersey native, built his fortune in private equity, joining the Blackstone Group following graduation. He heads the firm\u2019s tactical opportunities group out of New York City.<\/p>\n\n\n\n<p>His first big move in sports came in 2011 when Blitzer led a group that paid $280 million for the Philadelphia 76ers. Two years later, he assembled a group that bought the majority interest in the New Jersey Devils. Blitzer and his colleagues went international in 2015 by taking the controlling interest in the Crystal Palace soccer team. That began a series of European soccer investments.<\/p>\n\n\n\n<p>Blitzer and business partner Joshua Harris, the new owner of the Washington Commanders, bought a small piece of the Pittsburgh Steelers in 2020, then Blitzer kicked off a busy 2022 by joining forces with Ryan Smith, owner of the Utah Jazz, to purchase the Real Salt Lake MLS franchise. They are expected to field a team in the National Women's Soccer League in 2024.<\/p>\n\n\n\n<p><em>Got a question or observation about racing? Sports7\u2019s John Moriello does a mailbag column each Friday. Write to him at JohnM@Sports7.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Gibbs has sold a minority stake in his NASCAR organization, likely setting up a succession plan.<\/p>\n","protected":false},"author":140,"featured_media":1572714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[253795],"tags":[447299,118377,16060],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports - Sports7<\/title>\n<meta name=\"description\" content=\"David Blitzer&#039;s deal with Joe Gibbs means the private equity maven now owns shares of franchises in six major U.S. team sports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports\" \/>\n<meta property=\"og:description\" content=\"David Blitzer&#039;s deal with Joe Gibbs means the private equity maven now owns shares of franchises in six major U.S. team sports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/\" \/>\n<meta property=\"og:site_name\" content=\"Sports7\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-20T19:58:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-20T19:58:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/Joe-Gibbs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"999\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"John Moriello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Sports7J\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"John Moriello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/\",\"url\":\"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/\",\"name\":\"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports - 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A graduate of St. John Fisher University, he finds inspiration in the underdogs and the fascinating stories sports can tell (both the thrill of victory and the agony of defeat). John expertly covers all aspects of NASCAR. Beginning with his 2014 coverage at Fox Sports of the aftermath of the dirt-race tragedy in which Kevin Ward Jr. died after being struck by a car driven by NASCAR Hall of Famer Tony Stewart, John has excelled as a journalist who specializes in the motorsports world. He previously spent more than three decades covering high school sports and worked as a beat writer covering Big East football and basketball, but NASCAR is now where the true expertise falls. John is a member of the New York State Basketball Hall of Fame (2013), the President of the New York State Sportswriters Association, and a two-time Best of Gannett winner for print and online collaborations whose work has appeared on FoxSports.com and MaxPreps.com.\",\"sameAs\":[\"\",\"Sports7J\",\"john-moriello-1a11743\",\"\",\"\"],\"jobTitle\":\"John Moriello | Sports7 Staff Writer, Producer - Motorsports\",\"email\":\"\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports - Sports7","description":"David Blitzer's deal with Joe Gibbs means the private equity maven now owns shares of franchises in six major U.S. team sports.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/","og_locale":"en_US","og_type":"article","og_title":"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports","og_description":"David Blitzer's deal with Joe Gibbs means the private equity maven now owns shares of franchises in six major U.S. team sports.","og_url":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/","og_site_name":"Sports7","article_published_time":"2023-06-20T19:58:41+00:00","article_modified_time":"2023-06-20T19:58:42+00:00","og_image":[{"width":1500,"height":999,"url":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/Joe-Gibbs.jpg","type":"image\/jpeg"}],"author":"John Moriello","twitter_card":"summary_large_image","twitter_creator":"@Sports7J","twitter_misc":{"Written by":"John Moriello","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/","url":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/","name":"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports - Sports7","isPartOf":{"@id":"https:\/\/sports7.us\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/#primaryimage"},"image":{"@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/#primaryimage"},"thumbnailUrl":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/Joe-Gibbs.jpg","datePublished":"2023-06-20T19:58:41+00:00","dateModified":"2023-06-20T19:58:42+00:00","author":{"@id":"https:\/\/sports7.us\/#\/schema\/person\/625c659832a23452683545602e055cac"},"description":"David Blitzer's deal with Joe Gibbs means the private equity maven now owns shares of franchises in six major U.S. team sports.","breadcrumb":{"@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/#primaryimage","url":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/Joe-Gibbs.jpg","contentUrl":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/Joe-Gibbs.jpg","width":1500,"height":999,"caption":"JGR team owner and Hall of Famer Joe Gibbs looks on during the NASCAR Cup Series Goodyear 400 at Darlington Raceway on May 14, 2023. | David Jensen\/Getty Images"},{"@type":"BreadcrumbList","@id":"https:\/\/sports7.us\/news\/joe-gibbs-new-partner-most-elaborate-portfolio-in-sports\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/sports7.us\/"},{"@type":"ListItem","position":2,"name":"Joe Gibbs\u2019 New Partner Owns the Most Elaborate Portfolio in Sports"}]},{"@type":"WebSite","@id":"https:\/\/sports7.us\/#website","url":"https:\/\/sports7.us\/","name":"Sports7","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/sports7.us\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/sports7.us\/#\/schema\/person\/625c659832a23452683545602e055cac","url":"https:\/\/sports7.us\/author\/john-moriello\/","name":"John Moriello","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/sports7.us\/#\/schema\/person\/image\/","url":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/John-Moriello-96x96.jpeg","contentUrl":"https:\/\/sports7.us\/wp-content\/uploads\/2023\/06\/John-Moriello-96x96.jpeg","caption":"John Moriello"},"description":"John Moriello started covering sports in 1982, began digital publishing in 1995, and joined Sports7 in 2020. 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