Fanatics CEO Michael Rubin, a prominent minority owner of the Philadelphia 76ers, is selling his stake in the Harris Blitzer Sports & Entertainment company that owns the Sixers and New Jersey Devils, team officials told ESPN on Wednesday.
Rubin, who sources say holds a 10% equity stake in HBSE, is divesting his 11-year stake in the NBA and NHL franchises because of looming conflicts in the expansion of his Fanatics business into sports betting and individual player partnerships.
Fanatics is a $20 billion-plus company that sells licensed professional and college merchandise online. The expansion into sports betting and negotiating individual partnership deals with pro athletes creates numerous conflicts with collective bargaining rules.