• Loading stock data...
Monday, June 2, 2025

Fanatics’ Sports Betting Plans Force CEO to Sell Stake in 76ers, Devils

  • Fanatics CEO Michael Rubin has reportedly sold his 10% stake in Harris Blitzer Sports & Entertainement.
  • David Adelman will take a stake in the team.
Harris-Blitzer
Kyle Terada-USA TODAY Sports

Two major pro sports teams have a new owner.

Fanatics CEO Michael Rubin has reportedly sold his 10% stake in Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

David Adelman announced on Twitter that he would be joining the ownership group, with ESPN reporting that he took a “substantial share” of Rubin’s stake. The remainder will reportedly be split between Josh Harris, David Blitzer, and other limited partners.

The transaction, which comes after Arctos Sports Partners bought a minority stake in June, values HBSE at roughly $2.5 billion.

Adelman — the CEO of Campus Apartments, co-founder of FS Investments, and founder of Darco Capital — already has ties to the 76ers as the chairman of real estate development company 76 Devcorp, which he created with Harris and Blitzer.

  • The group plans to build a $1.3 billion arena for the team called 76 Place.
  • The project, which the team says could bring in $400 million annually for the city, has a target end date of 2031.

Forbes last valued the 76ers at $2.45 billion and the New Jersey Devils at $775 million.

Rubin’s Reasons

Rubin announced in June that he would divest his stake in the company, as Fanatics’ new offerings would conflict with ownership rules.

Earlier this year, Fanatics launched trading cards and collectibles and has contracts with “thousands of athletes.” This month, Rubin said the company would launch sports betting in January.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Indiana Fever’s Mounting Injuries Highlight WNBA Roster Size Problem

Cameron Brink believes the WNBA needs to expand roster sizes.

Bears Suburban Stadium Deal Inching Forward Despite Cost Questions

State legislators discussed a Bears-friendly bill, but ran out of time.

Scheffler Closing Fast on Mickelson’s PGA Tour Earnings

Scottie Scheffler is already fourth in PGA Tour career earnings.

Rockies Hit New Low With No Clear Answers in Sight

The club is on pace to become the worst in baseball’s modern era.

Featured Today

PSG and the City of Paris Can Join European Soccer’s Elite

What a maiden Champions League title would mean for the French club.
May 30, 2025

How the Champions League Anthem Took on a Life of Its Own

The composer didn’t know he wrote a timeless hit three decades ago.
May 25, 2025

How Rolex Paved the Way for Luxury’s Love Affair With Tennis

“It’s almost impossible to think about tennis without thinking about Rolex.”
Mar 23, 2025; Miami, FL, USA; Alexandra Eala (PHI) reacts after winning a point against Madison Keys (USA)(not pictured) on day six of the Miami Open at Hard Rock Stadium.
May 24, 2025

Alex Eala Is Defying Her Country’s Odds to Make French Open History

The Philippines native has overcome a unique set of financial odds.
Dec 23, 2024; Green Bay, Wisconsin, USA; General view of the Vince Lombardi statue outside of Lambeau Field prior to the game between the New Orleans Saints and Green Bay Packers.

Publicly Owned Packers Make a Rare Leadership Change

Ed Policy will lead the NFL’s only publicly owned franchise.
May 30, 2025

Steve Cohen Taps USTA’s Lew Sherr to Reshape Mets Off Field

The MLB club hires a top executive from the U.S. Tennis Association.
May 31, 2025

Pacers-Thunder Is Lowest-Payroll NBA Finals in Years

Neither team is in the luxury tax, despite rosters with multiple All-Stars.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

In Episode 7 of Portfolio Players, go inside the boardroom with Avenue Capital CEO and former Milwaukee Bucks co-owner Marc Lasry on Giannis’s future, women’s sports, and upstart leagues like TGL and Unrivaled. 
Ovi
May 29, 2025

Capitals Say Ovechkin Retirement Email Was Sent in Error

Ovechkin is the NHL’s all-time scoring leader and has one Stanley Cup. 
May 29, 2025

T-Wolves Face Roster-Building Questions After Another WCF Loss

The team has ownership stability entering this offseason.
SGA
May 29, 2025

Thunder Poised to Dominate for Years After Winning West

OKC has the NBA’s best shot at a dynasty with the new CBA.
May 28, 2025

Mets Casino Project Moves Forward As Cohen Shakes Up Front Office

Scott Havens will depart as team president of business operations.