Rubin, who according to sources holds a 10% stake in HBSE, is divesting his 11-year stake in the NBA and NHL franchises due to apparent conflicts over the expansion of the Fanatics business into sports betting and individual player partnerships. “As our business with Fanatics has grown, so do the obstacles I have to overcome to ensure that our new businesses do not conflict with my responsibilities as a Sixers co-owner,” Rubin said in a statement. “… Given this reality, I will unfortunately sell my share to the Sixers and move from the partial owner back to a lifelong fan.” Fanatics is a $ 20 billion company that now sells licensed professional and college merchandise online. The expansion into sports betting and the negotiation of individual partnership agreements with professional athletes creates numerous conflicts with the rules of collective bargaining. Prior to the Sixers-Brooklyn Nets trade with guard James Harden in February, Rubin took control of NBA opponents over his close relationship with Harden. Rubin can now enter into external financial partnerships with players who were rejected because Rubin co-owned the teams, an avenue that could prove beneficial to the Sixers as they try to re-sign Harden.
1 Relevant “Given Michael’s huge success with the development of Fanatics on a global platform in every major sport, his decision comes as no surprise,” said HBSE founder and general partner Josh Harris. “I am so grateful for the years of his cooperation. His wild passion, business acumen and steadfast commitment to doing the right thing have left an indelible mark on the Sixers. “Michael will always be a member of our HBSE and Sixers family, he will continue to be present in the courtyard and a key partner in our collective commitment to be a force for good in Philadelphia.” HBSE co-founder and co-CEO David Blitzer said: “Michael is a visionary and innovator who has played an integral role in helping us grow and position HBSE for future success. He has been an incredible friend and business partner lately. 11 His years and instinct, his work ethic, his passion and his ability to bring people together helped him establish himself as one of the most important and successful industry leaders. “Michael has used these same characteristics to help us evolve and grow, while leading a positive, inspiring change in our communities. As he prepares for this new chapter in his career, I’m excited to see Michael take it further. revolution in Fanatic business activities, fully unlocking its potential by connecting sports fans from all over the world through a variety of new platforms and verticals “.
