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Business World

Fanatics CEO to Sell His Philadelphia 76ers Stake Over Business Conflicts

July 1, 2022
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(Bloomberg) — Fanatics Inc. Chief Executive Michael Rubin is selling his stake in the Philadelphia 76ers, he announced Wednesday.

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Rubin, who became part of the ownership group when Harris Blitzer Sports & Entertainment acquired the team in 2011, said new ventures with Fanatics will force him to sell his stake to avoid conflicts.

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“With the launch of our trading cards and collectibles business earlier this year – which will have individual contracts with thousands of athletes globally – and a soon-to-launch sports betting operation, these new businesses will directly conflict with the ownership rules of sports leagues,” Rubin said in a statement.

Rubin’s stake in Josh Harris and David Blitzer’s company is nearly 10%, according to Sportico, which reported earlier Wednesday that Rubin is selling his stake. The deal is expected to close in the coming weeks and will likely value the company around $3 billion, the report added.

“Given Michael’s tremendous success growing Fanatics into a global platform across every major sport, his decision doesn’t come as a surprise,” Harris said in a statement.

Rubin is worth $9.4 billion, according to the Bloomberg Billionaires Index.

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©2022 Bloomberg L.P.

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