Michael Rubin is selling his 10% share in Harris Blitzer Sports Entertainment, who own the Philadelphia 76ers and New Jersey Devils.
Rubin’s retail company Fanatics is continuing to reach new athlete deals and is beginning a new gambling and betting division that interfere with league team ownership rules.
RealGM reported that Fanatics has expanded, and it’s CEO Rubin has realized that he would eventually need to sell his ownership stake in both NBA and NHL teams.
Harris Blitzer Sports Entertainment co-founder Josh Harris released a statement:
â€œGiven Michaelâ€™s tremendous success growing Fanatics into a global platform across every major sport, his decision doesnâ€™t come as a surprise. I am so grateful for his years of partnership. His fierce passion, entrepreneurial mindset and steadfast commitment to doing the right thing have left an indelible mark on the Sixers organization.”
â€œMichael will always be a member of our HBSE and Sixers family, continue to be a presence courtside and a key partner in our collective commitment to be a force for good in Philadelphia.â€
Rubin, now 49-years-old, has been included in theÂ Forbes 400: The Richest People in America, theÂ Forbes: The World’s BillionairesÂ list, and theÂ Bloomberg Billionaires Index.
According to Bloomberg, Rubin has a net worth of $9.44 billion as of this year.