Michael Rubin Sells Minority Stake in 76ers; David Adelman Buys 'Substantial' Share
Michael Rubin has sold his 10 percent stake in Harris Blitzer Sports & Entertainment, according to ESPN's Adrian Wojnarowski.
The company has ownership stakes in the NBA's Philadelphia 76ers, the NHL's New Jersey Devils and Crystal Palace of the English Premier League.
Wojnarowski reported David Adelman bought a "substantial share" of Rubin's previous stake and is now a limited partner in Harris Blitzer Sports & Entertainment.
Adelman addressed the news on social media:
Rubin announced in June he would divest himself of the Sixers, citing potential conflicts of interest that stem from serving as CEO of Fanatics.
"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," he said.
Harris and Blitzer have already been working closely with Adelman. They announced in July he was named the chairman of 76 Devcorp, the real estate company tasked with building a new downtown arena for the 76ers.
Last December, Sportico valued the Sixers at $2.7 billion, the 11th-highest figure in the NBA. The Devils were the 21st-most valuable NHL franchise at $750 million on the eve of the 2021-22 season.
