(Bloomberg) — Fanatics Inc. Chief Executive Michael Rubin is selling his stake in the Philadelphia 76ers, he announced Wednesday.
Most Read from Bloomberg
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.
“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.
Most Read from Bloomberg Businessweek
©2022 Bloomberg L.P.