Michael Rubin is the CEO of Fanatics. He is a prominent minority shareholder of the Philadelphia 76ers, is selling his stake in the Harris Blitzer Sports & Entertainment company that owns the Sixers and New Jersey DevilsESPN spoke with team officials on Wednesday.
Rubin, who according to sources holds a 10% equity interest in HBSE is selling his 11 year stake in the NBA/NHL franchises. This is due to looming conflicts in his Fanatics business expansion into sports betting, individual player partnerships, and sports betting.
Fanatics, a $20 billion plus company, sells licensed college and professional merchandise online. 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 Trade in February Rubin attracted the attention of NBA rivals due to his close relationship with guard James Harden. Rubin can now form outside financial partnerships to play with players that were not allowed to be part-owners. This could help the Sixers in their efforts to resign 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. I am grateful for his many years of partnership. His passion and entrepreneurial spirit, as well as his unwavering dedication to the Sixers, have made an indelible impression on the Sixers.
“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. He has been an amazing friend and businesspartner over the last 11 year. His instincts, work ethic and passion for bringing people together have made him one the industry's most powerful and successful leaders.
“Michael has used the same attributes to help evolve and grow, while being a driver for positive, inspirational change in our communities. As Michael prepares for the next chapter of his career, it's exciting to watch him revolutionize Fanatics by connecting sports enthusiasts from all over the globe via a multitude new platforms and verticals.