Over the summer, Fanatics CEO Michael Rubin sold his 10% stake in the Philadelphia 76ers and HBSE to facilitate his company’s entry into the sports betting world. It made sense considering what Rubin and Fanatics were planning to do at the time.
Now, a part of Rubin’s stake has been purchased by David Adelman, the Campus Apartments CEO. However, Adelman is not buying all 10%. Josh Harris and David Blitzer have other plans for it.
Per Keith Pompey of The Philadelphia Inquirer:
The rest of his stake is being consolidated by managing partner Josh Harris, co-managing partner David Blitzer and additional limited partners.
Adelman is leading the project to move the Sixers to Center City by 2031.
Billionaire entrepreneur David Adelman is buying a significant portion of Fanatics CEO Michael Rubin’s stake to join the Philadelphia 76ers and New Jersey Devils ownership groups (HBSE). Adelman, a Philadelphia-area native, is currently leading development of 76ers‘ new arena.
— Shams Charania (@ShamsCharania) October 20, 2022
The Sixers move forward with this new part-owner as they chase a championship in the 2022-23 season.
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