Since June, we knew that Michael Rubin, the boss of Fanatics, was going to have to sell his shares in Harris Blitzer Sports & Entertainment, the company that owns the Philadelphia franchise.
The reason for this sale? Fanatics is going into online betting and potential conflicts of interest would arise. The Shaq had found himself in the same situation after becoming an ambassador for an online betting site, and he had sold his shares in the Kings.
Four months later, the sale is recorded and official. Michael Rubin has indeed ceded part of the 10% he owned to David Adelman. The latter is the president of 76 Devcorp, the company currently working on the construction of the new hall of the Sixers, expected for 2031.
No amount has been officially released regarding this sale. On his side, Forbes puts the figure at $250 million.but that’s just an estimate based on the franchise’s supposed valuation of $2.5 billion.
Excited to pass @sixers ownership to my brother @david_adelman. I’ve known David for most of my adult life, not only is he an incredible leader and entrepreneur, but he lives for the city and the team – he literally bleeds 76ers and Philly. pic.twitter.com/54r3fCR0co
—Michael Rubin (@michaelrubin) October 20, 2022
