Fanatics CEO Michael Rubin has sold his 10 percent stake in Harris Blitzer Sports & Entertainment, completing a divestment as a limited partner of the Philadelphia 76ers New Jersey DevilsAccording to sources, ESPN reported the news on Thursday.
Sources say David Adelman bought a large share of Rubin’s stake and is now a limited partner in the Sixers and Devils. Adelman is Chairman of 76 Devcorp (a real estate development firm that plans to build a new 76ers arena downtown Philadelphia).
Rubin sold his 11 year stake in the NBA, NHL and NHL franchises because of the looming conflicts with his Fanatics business expansion into sports betting.
Fanatics is an online retailer of licensed college and professional merchandise. It has a turnover of $20 billion. There are many conflicts between collective bargaining rules and the expansion into sports betting.
Prior to the 76ers’ trade involving James Harden Rubin’s close relationship to Harden drew scrutiny from NBA rivals in February. Rubin is now allowed to enter into outside financial partnerships with players, which were previously disallowed due to his involvement as a part-owner in the teams.