Fanatics CEO Michael Rubin completes sale of stake in 76ers, Devils: report video FOX Business Flash top headlines for October 20
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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.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM 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) CLICK HERE TO GET THE FOX NEWS APP
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.
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