Fanatics CEO Michael Rubin has sold his 10 percent stake in Harris Blitzer Sports & Entertainment, completing a divestment as a limited partner of the Philadelphia 76ers and New Jersey Devils, sources told ESPN on Thursday.
David Adelman purchased a substantial share of Rubin's stake and now joins HSBE co-founders Josh Harris and David Blitzer as a limited partner in the Sixers and Devils, sources said. Adelman is the Chairman of 76 Devcorp, a real estate development company working to build a new 76ers arena in downtown Philadelphia.
Rubin divested his 11-year stake in the NBA and NHL franchises largely because of looming conflicts in the expansion of his Fanatics business into sports betting and individual player partnerships.