Fanatics founder Michael Rubin is selling his stake in the company that owns the Philadelphia 76ers and New Jersey Devils.
Rubin, worth an estimated $8 billion according to Forbes, said on social media posts he was “shifting from part-owner” of the teams run by Harris Blitzer Sports & Entertainment and “back to life-long fan.”
Rubin was part of the ownership group when it purchased the 76ers in 2011 for $290 million. But as Fanatics has grown, and expanded into sports betting, and other business ventures have taken off, Rubin decided it was time to sell his estimated 10% stake in HBSE.
The 76ers were valued at $2.45 billion, according to a Forbes. That was the 11th highest value among the NBA’s 30 teams. The Devils are valued at $775 million, 15th in the 32-team NHL.
“As our Fanatics business have 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,” Rubin wrote.
Rubin frequently sits courtside at Sixers’ games and rubs elbows with some of the biggest spor…