Michael Rubin selling ownership stake in Philadelphia 76ers to avoid conflicts of interest with Fanatics

Michael Rubin selling ownership stake in Philadelphia 76ers to avoid conflicts of interest with Fanatics

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Fanatics CEO Michael Rubin is selling his 10% stake in Harris Blitzer Sports & Entertainment, the company that owns the Philadelphia 76ers and New Jersey Devils. Rubin is expected to reap as much as $300 million from the sale. Earlier this month, when private equity firm Arctos Sports Partners took a minority investment in HBSE, the company was valued at $3 billion. A Bryn Mawr resident and lifelong Sixers fan, Rubin decided to sell as Fanatics started to expand into businesses that would create…

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