Fanatics CEO Michael Rubin, a minority owner of the 76ers, is selling his stake in Harris Blitzer Sports & Entertainment, the company that owns the Sixers and the Devils, he announced Wednesday.
Rubin, who holds a 10% equity stake in HBSE according to ESPN’s Adrian Wojnarowski, said he is divesting his stake in the NBA and NHL franchises after 11 years because of arising conflicts between his growing Fanatics business and the two sports teams.
“As our Fanatics business has grown, so too have the obstacles I have to navigate to ensure our new businesses don’t conflict with my responsibilities as part-owner of the Sixers,” Rubin said in a statement posted on Twitter. “With the launch of our trading cards and collectibles business earlier this year—which have individual contracts with thousands of athletes globally—and a soon-to-launch sports betting operation, these new businesses will directly conflict with the ownerships rules of sports leagues.
