After 11 years of ownership, Michael Rubin is selling his ten percent share in Harris Blitzer Sports Entertainment. The sports company owns the Philadelphia 76ers and New Jersey Devils.
Rubin, the founder of Fanatics, has big plans for the retail giant. These endeavors directly interfere with owning professional sports teams, resulting in his decision to sell his share.
He tweeted the news Wednesday morning.
Thank you, @sixers fans ❤️ pic.twitter.com/46YX0Zoahm
— Michael Rubin (@michaelrubin) June 22, 2022
Rubin founded Fanatics in 2011. Since then, the company has grown from a small online retail company to a sports retail giant.
“As our Fanatics business has grown, so too have the obstacles I have to navigate to ensure our new businesses don't conflict with my responsibilities as part-owner of the Sixers,” he wrote.
Rubin then explained the Fanatics' new ventures that would impede his ability to continue his role with Harris Blitzer Sports Entertainment.
“With the launch of our trading cards and collectibles business earlier this year…and a soon-to-launch sports betting operation, these news businesses will directly conflict with the ownership rules of sports leagues.”
Rubin noted that although the Sixers weren't able to win a championship during his ownership, the franchise is in great hands.
“I believe the team is very well positioned with a world-class ownership group, led by Josh Harris and David Blitzer,” he wrote.
Harris, who was interested in purchasing the Denver Broncos, said he knew this decision was coming.
“Given Michael’s tremendous success growing Fanatics into a global platform across every major sport, his decision doesn’t come as a surprise,” he said, quote courtesy of The Athletic. “I am so grateful for his years of partnership.”
As a life-long Sixers fan, Rubin's support for the team doesn't end here. Rubin looks forward to cheering on the Sixers to “multiple championships in the future.”
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