Fanatics CEO Michael Rubin completes sale of stake in 76ers, Devils: report
Rubin's Fanatics is delving into the realm of sports betting and partnerships with athletes
Fanatics owner Michael Rubin has divested his share in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, selling his 10% stake Thursday.
David Adelman, chariman of 76 Devcorp, a real estate development company, has reportedly purchased a substantial share of Rubin’s stake in the two franchises, which are under Harris Blitzer Sports & Entertainment, ESPN reports.
Adelman’s 76 Devcorp is looking to build a new 76ers arena in Philadelphia.
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Rapper Meek Mill and CEO of Fanatics and Philadelphia 76ers co-owner Michael Rubin during the first half of Game 5 of the Eastern Conference semifinals between the Miami Heat and the 76ers at FTX Arena May 10, 2022, in Miami, Fla. (Michael Reaves/Getty Images / Getty Images)
This has been a plan for quite some time for Rubin because his Fanatics company, which sells licensed professional and college merchandise, is looking to get into the sports betting realm.
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Due to that expansion, there would be a conflict of interest with the NBA and NHL.
NBA Legend Julius Erving, left, and Michael Rubin talk prior to Game 5 of the Eastern Conference semifinals between the Philadelphia 76ers and the Toronto Raptors May 7, 2019, at the Scotiabank Arena in Toronto. (Jesse D. Garrabrant/NBAE via Getty Images / Getty Images)
Conflict questions were raised when James Harden, the All-Star guard for the 76ers, was traded from the Brooklyn Nets to Philadelphia in February.
Rubin has a close relationship with Harden, and some NBA rivals questioned his influence in bringing the guard to the City of Brotherly Love.
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But that is behind Rubin now. He can put together deals with players as he sees fit. His company is worth $20 billion, and that number is expected to rise with his new ventures.
Rubin has been a limited partner of the 76ers and Devils for the past 11 years, joining HSBE co-founders Josh Harris and David Blitzer.
Michael Rubin attends Michael Rubin's 2022 Fanatics Super Bowl Party Feb. 12, 2022, in Culver City, Calif. (Cindy Ord/Getty Images for Fanatics / Getty Images)
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Rubin is also the executive chairman of Rue Gilt Groupe, which is an off-price e-commerce portfolio company that includes RueLaLa.com, Gilt.com and ShopPremiumOutlets.com.