Michael Rubin, CEO of Fanatics and a prominent minority owner, is the founder and CEO. Philadelphia 76ers, is selling his stake in the Harris Blitzer Sports & Entertainment company that owns the Sixers and New Jersey DevilsHe announced this Wednesday.
Sources say Rubin holds a 10% equity share in HBSE. He is selling his 11-year stake at the NBA and NHL franchises due to looming conflicts with his Fanatics expansion into sports betting and individual player partnerships.
Rubin released a statement saying that as our Fanatics business grew, so did the obstacles I had to overcome to make sure our new businesses didn’t conflict with my duties as part-owner of Sixers. “… “…
Fanatics is an online retailer of licensed college and professional merchandise. It has a turnover of $20 billion. Many conflicts arise from the expansion of sports betting and the negotiation of individual partnerships with pro athletes.
The Sixers were not yet here.Brooklyn Nets Guard trade James Harden Rubin was scrutinized by NBA rivals due to his close relationship with Harden. Rubin is now allowed to enter financial partnerships outside of the league with players who were not permitted because he was part-owners of the teams. This avenue could be beneficial for the Sixers, as they attempt to sign Harden.
“Given Michael’s phenomenal success growing Fanatics to a global platform across all major sporting disciplines, his decision does not surprise,” Josh Harris (HBSE founder) stated in a statement. His partnership has been a blessing. His passion and entrepreneurial spirit, as well as his unwavering dedication to the Sixers organization have made an indelible impression.
“Michael will remain a member our HBSE/Sixers family, continue being a presence courtside as a key partner and a key part of our collective commitment to Philadelphia to be a force to good.”
David Blitzer, cofounder and co-managing director of HBSE, stated that Michael is a visionary who has played a key role in helping us grow and position HBSE as a future-oriented company. Over the past 11 years, he has been a great friend and business partner. His work ethic, passion and ability to bring people closer have made him one of the most influential and successful leaders in the industry.
“Michael used these same attributes to help me evolve and grow while also becoming a catalyst for positive, inspiring change within my community. As he begins this new chapter of his career, I am excited to see Michael revolutionize Fanatics and unlock its full potential through connecting sports fans around the globe through a variety of new platforms.