Billionaire businessman and entrepreneur David Adelman is buying a significant portion of Fanatics CEO Michael Rubin’s ownership stake in Harris Blitzer Sports Entertainment, which owns the Philadelphia 76ers New Jersey DevilsSources The AthleticThursday. Adelman, a Philadelphia-area native, is currently leading the development of the 76ers’ new arena plans.
Rubin and HBSE June announcementAs Fanatics began expanding into new areas that conflicted with their retail empire, he decided to sell his stake. NBA NHL’s ownership rules. These included new deals for athletes, as well as the creation of a gambling and betting division.
Sources said at the time that over the past few years, Rubin understood that it was in his and the company’s best interests that he sell his pro sports ownership stake as Fanatics expanded.
Adelman was announced as chair of 76 Devcorp, the development company responsible for the 76ers’ proposed new stadium plan, in July.
(Photo of Michael Rubin by Jesse D. Garrabrant/ NBAE via Getty Images
