PHILADELPHIA (AP) — Fanatics founder Michael Rubin is selling his stake in the company that owns the Philadelphia 76ers and New Jersey Devils.
Rubin, who is worth an estimated $8 billion according to Forbes, has said on social media posts that he is “breaking away from co-ownership” of Harris Blitzer Sports & Entertainment led teams and “back to a fan of long time”.
Rubin was part of the ownership group when he bought the 76ers in 2011 for $290 million. But as Fanatics grew and expanded into sports betting and other business ventures took off, Rubin decided it was time to sell his estimated 10% stake in HBSE.
The 76ers were valued at $2.45 billion, according to Forbes. It was the 11th highest value among the 30 NBA teams. The Devils are valued at $775 million, 15th in the NHL with 32 teams.
“As our Fanatics business has grown, so too have the hurdles I must overcome to ensure our new ventures do not conflict with my responsibilities as part owner of the Sixers,” Rubin wrote.
Rubin frequently sits courtside at Sixers games and rubs shoulders with some of the biggest sports starts and celebrities who also attend the games. Rubin is co-chair of the Reform Alliance, which aims to transform probation and parole by changing the laws, systems and culture of the justice system. He worked to free rapper Meek Mill from jail, and in 2018 he organized a helicopter to fly Mill from jail to a Sixers playoff game.
More AP NBA: https://apnews.com/hub/nba and https://twitter.com/AP_Sports
Copyright 2022 The Associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.