Fanatics CEO Michael Rubin selling stake in company that owns Philadelphia Sixers, New Jersey Devils

Fanatics CEO Michael Rubin selling stake in company that owns Philadelphia Sixers, New Jersey Devils

Fanatics CEO Michael Rubin, a prominent minority owner of the Philadelphia 76ers, is selling his stake in the Harris Blitzer Sports & Entertainment company, which owns the Sixers and New Jersey Devils, it announced Wednesday.

Rubin, whose sources say he has a 10% equity stake in HBSE, is dumping his 11-year stake in the NBA and NHL franchises due to looming conflicts over expanding his Fanatics business into betting. sports and individual player associations.

“As our Fanatics business has grown, so have the hurdles I have to overcome to ensure our new businesses do not conflict with my responsibilities as co-owner of the Sixers,” Rubin said in a statement. “…Given these realities, I will sadly sell my interest in the Sixers and go from part owner to lifelong fan.”

Fanatics is a $20+ billion company that sells professional and college licensed products online. Expansion into sports betting and negotiating individual association agreements with professional athletes creates numerous conflicts with collective bargaining rules.

Before the Sixers-Brooklyn Nets trade involving guard James Harden in February, Rubin drew scrutiny from NBA rivals due to his close relationship with Harden. Rubin can now enter into outside financial partnerships with players who weren’t allowed because Rubin co-owned the teams, an avenue that could prove beneficial to the Sixers as they work to re-sign Harden.

“Given Michael’s tremendous success in building Fanatics into a global platform across all major sports, his decision comes as no surprise,” HBSE Founder and Managing Partner Josh Harris said in a statement. “I am very grateful for his years of association. His fierce passion, entrepreneurial mindset and unwavering commitment to doing what is right have left an indelible mark on the Sixers organization.

“Michael will always be a member of our HBSE and Sixers family, continuing to be a presence on the court and a key partner in our collective commitment to being a force for good in Philadelphia.”

HBSE Co-Founder and Co-Managing Partner David Blitzer said: “Michael is a visionary and innovator who has played an integral role in helping us grow and position HBSE for future success. He has been an incredible friend and business partner for the past few years. 11 years and his instincts, work ethic, passion and ability to bring people together have helped establish him as one of the most influential and successful leaders in the industry.

“Michael has used those same attributes to help us evolve and grow, all while becoming a driver of positive and inspiring change in our communities. As he prepares for this new chapter in his career, I’m excited to see Michael revolutionize yet another more to Fanatics. business, unlocking its full potential by connecting sports fans around the world across a multitude of new platforms and verticals.”

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