Fanatics founder Michael Rubin sells stake in 76ers

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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, said in social media posts that he is “going from being a part owner” of teams managed by Harris Blitzer Sports & Entertainment “back to being a lifelong fan.”

Rubin was part of the ownership group when she bought the 76ers for $290 million in 2011. But as Fanatics grew and expanded into sports betting and other business ventures, Rubin decided it was time to sell his estimated 10% stake in HBSE.

The 76ers were valued at $2.45 billion, according to Forbes. That was the eleventh-highest number among the 30 teams in the NBA. The Devils are worth $775 million, ranking 15th in the 32-team NHL.

“As our Fanatics business has grown, so have the obstacles I must overcome to ensure our new businesses do not conflict with my responsibilities as co-owner of the Sixers,” Rubin wrote.

Rubin frequently sits courtside at Sixers games, rubbing elbows with some of the sport’s biggest stars and celebrities who also attend the games. Rubin is co-chair of the Reform Alliance, which aims to transform parole and probation through changing laws, systems and culture in the justice system. He worked to break rapper Meek Mill out of jail and in 2018 arranged a helicopter to take Mill out of jail to a Sixers playoff game.

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