Fanatics CEO Michael Rubin announced Wednesday that he will sell his stake in Harris Blitzer Sports & Entertainment, a major minority owner of Philadelphia 76ers and owner of the Sixers and New Jersey Devils.
Sources say Rubin owns 10% of the equity stake in HBSE and is excluding his 11-year stake in NBA and NHL holders due to discrepancies in expanding his Phoenix business into sports betting and individual player partnerships.
“As our sectarian business grows, so do the obstacles I have to go through to ensure that our new businesses do not conflict with my responsibilities as a partial owner of Sixers,” Rubin said in a statement. “… With these facts in mind, I will sell my stake in Sixers and become a lifelong fan from the area owner.”
Fanatics is a $ 20 billion company that sells licensed professional and college businesses online. The expansion of sports betting and the negotiation of individual partnership agreements with pro athletes creates a number of conflicts with the rules of collective bargaining.
Guard was involved before the Sixers-Brooklyn Nets trade James Horton In February, Rubin scrutinized NBA rivals due to his close relationship with Horton. Rubin has now been able to enter into external financial partnerships with players who were not allowed because he owned part of the teams.
Josh Harris, Founder and Managing General Partner of HBSE, said in a statement: “Michael’s enormous success in every major sport has made him a global platform for fanatics. “I am very grateful for his many years of partnership.
“Michael will always be a member of our HBSE and Sixers family, and will be a key partner in our collective commitment to being a force for good in Philadelphia.”
David Blitzer, Co-Founder and Co-Managing Partner of HBSE, said: “Michael is a visionary and innovator who has been instrumental in helping us develop and sustain HBSE for future success. He has been an incredible friend and business partner for over 11 years and his intuition. , Work ethic, passion and ability to bring people together helped him to establish himself as one of the most influential and successful leaders in the industry.
“Michael used the same qualities as he became the driver of positive, inspiring change in our communities. The game unleashes its full potential by connecting fans. “