Tag: Michael Rubin

James Boyd: #Pacers center Myles Turner …

James Boyd: #Pacers center Myles Turner attended #76ers co-owner Michael Rubin’s annual 4th of July White Party in the Hamptons last night. Event is always filled with stars, and Drake gave a shout out to the athletes who came. 🎥 via Turner’s IG story pic.twitter.com/aeEwGiS9TW

Why Fanatics CEO Michael Rubin has to sell his stake in the Philadelphia 76ers, New Jersey Devils

Fanatics has a sports betting operation on the way.

Popular Philadelphia 76ers minority owner Michael Rubin will be selling his ten percent stake in the company that owns the Sixers and New Jersey Devils, he announced in a letter to fans Wednesday.

The CEO of Fanatics, a licensed sports merchandise behemoth, Rubin explained that the expansion of his company into other businesses, including sports betting, creates a conflict of interest for him as a team owner.

“As our Fanatics business has grown, so too have the obstacles I have to navigate to ensure our businesses don’t conflict with my responsibilities as part-owner of the Sixers,” Rubin said. “With the launch of our trading cards and collectibles business this year – which will have individual contracts with thousands of athletes globally – and a soon-to-launch sports betting operation, these new businesses will directly conflict with the ownership rules of sports leagues.

“Given these realities, I will sadly be selling my stake in the Sixers and shifting from part-owner back to life-long fan.”

 

Last June, Fanatics hired former FanDuel CEO Matt King to lead its expansion into online sports betting and gaming. The New York Post reported that the company had been laying the groundwork for a move into gaming several months prior to the hire.

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Rubin has already succeeded in …

Rubin has already succeeded in partnering with stars from other leagues, such as Tom Brady, who, Rubin said, is an investor in Fanatics. But Rubin felt he had reached the point where his ownership stakes in professional sports teams were holding both him and his company back. “When we first bought the Sixers, Fanatics was only in the merchandise business. Now we have the trading card business and the gambling business,” he said. “By the end of the year, we’ll have individual contracts with thousands of players, and I’ll be taking bets on the Sixers.”

“Michael’s commitment, passion and …

“Michael’s commitment, passion and business acumen have greatly benefited the 76ers and the NBA,” NBA commissioner Adam Silver said in a statement provided to FOX Sports by the league. “But Fanatics’ opportunity to build a global digital sports platform by moving into new and emerging businesses makes team ownership impractical for now. I look forward to continuing to work closely with Michael on expanding Fanatics’ partnership with the league.”

Rubin might no longer have a financial …

Michael Rubin selling his 10% ownership stake in Philadelphia 76ers

Michael Rubin is selling his 10% share of the ownership of the Philadelphia 76ers.

Michael Rubin has long been a positive influence in the city of Philadelphia while being a minority governor of the 76ers. He was a big help during the pandemic as he helped raise money to feed families who were struggling during that time and he has been helpful in making changes to the justice system.

With that being said, Rubin is the CEO of Fanatics and due to the company’s venture into sports betting and individual player partnerships as that can be a future conflict for the Sixers. Therefore, he is looking to sell his 10% ownership of the team so he can move forward with the business side of things at Fanatics.

Prior to the big James Harden deal, Rubin did receive some criticism due to his close relationship with Harden. He can now have partnerships with players without having to deal with the NBA side of things getting in the way.

This post originally appeared on Sixers Wire! Follow us on Facebook!

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Michael Rubin to sell 10% share of 76ers ownership

Entrepreneur Michael Rubin is selling his 10 percent share in Harris Blitzer Sports Entertainment — which owns the Philadelphia 76ers and New Jersey Devils — as his sports retail behemoth Fanatics reaches new athlete deals and begins a new gambling and betting division that interfere with the leagues’ team ownership rules.

Fanatics developed into a …

Fanatics developed into a sports-merchandising giant and has turned into a global business, now including deals with individual players across the pro leagues within the company’s new trading card and collectibles business. Fanatics will soon launch a gambling vertical as well; another factor as to why the business became a conflict for Rubin as he served as an NBA and NHL team owner.