Fanatics CEO Michael Rubin completes sale of stake in 76ers, Devils: report

Fanatics owner Michael Rubin has divested his share in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, selling his 10% stake Thursday. 

David Adelman, chariman of 76 Devcorp, a real estate development company, has reportedly purchased a substantial share of Rubin’s stake in the two franchises, which are under Harris Blitzer Sports & Entertainment, ESPN reports. 

Adelman’s 76 Devcorp is looking to build a new 76ers arena in Philadelphia. 

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This has been a plan for quite some time for Rubin because his Fanatics company, which sells licensed professional and college merchandise, is looking to get into the sports betting realm.

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Due to that expansion, there would be a conflict of interest with the NBA and NHL. 

Conflict questions were raised when James Harden, the All-Star guard for the 76ers, was traded from the Brooklyn Nets to Philadelphia in February.

Rubin has a close relationship with Harden, and some NBA rivals questioned his influence in bringing the guard to the City of Brotherly Love.  

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But that is behind Rubin now. He can put together deals with players as he sees fit. His company is worth $20 billion, and that number is expected to rise with his new ventures. 

Rubin has been a limited partner of the 76ers and Devils for the past 11 years, joining HSBE co-founders Josh Harris and David Blitzer. 

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Rubin is also the executive chairman of Rue Gilt Groupe, which is an off-price e-commerce portfolio company that includes RueLaLa.com, Gilt.com and ShopPremiumOutlets.com.