Michael Rubin is selling his 10 percent share in Harris Blitzer Sports Entertainment – which owns the Philadelphia 76ers and New Jersey Devils – as his sports retail behemoth Fanatics reaches new athlete deals and begins a new gambling and betting division that interfere with the leagues’ team ownership rules.
As fanatics has expanded, Rubin has realized that he would eventually need to sell his ownership stake in the NBA and NHL teams.
Fanatics will also soon launch a gambling vertical.
The sale of Rubin’s equity will close imminently.
“Given Michael’s tremendous success growing fanatics into a global platform across every major sport, his decision does not come as a surprise,” HBSE co-founder Josh Harris said. “I am so grateful for his years of partnership. His fierce passion, entrepreneurial mindset and steadfast commitment to doing the right thing have left an indelible mark on the Sixers organization.
“Michael will always be a member of our HBSE and Sixers family, continue to be a courtside presence and a key partner in our collective commitment to be a force for good in Philadelphia.”