• Loading stock data...
Sunday, August 24, 2025
The biggest names in sports media. All in one room. Buy tickets now!

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

Dec 10, 2024; Salt Lake City, Utah, USA; A general view of the Delta Center before the game between the Utah Hockey Club and the Minnesota Wild.

Utah’s Sports Boom Expands Into Music, Emulating Atlanta

The Jazz and Mammoth owner strikes a major deal with Live Nation.
Kyle Busch talks with Nexstar Media Group, Wednesday February 14, 2024 during Daytona 500 Media Day at Daytona International Speedway

$6.2B Nexstar-Tegna Deal Could Create Local Sports Juggernaut

CW parent company Nexstar looks to acquire its rival in a major deal.
Apr 13, 2025; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins right wing Rickard Rakell (67) and center Sidney Crosby (87) and center Evgeni Malkin (71) talk before a face-off against the Boston Bruins during the third period at PPG Paints Arena.

Fenway Sports Weighs Penguins Options Amid ‘Serious’ Suitor

FSG previously said it was exploring the sale of a minority stake.

Featured Today

The Honey Deuce Effect: How Tennis Perfected the Signature Cocktail

Sold every 1.5 seconds, they totaling more than $12 million in sales.
Dec 21, 2024; Austin, Texas, USA; Texas Longhorns quarterback Arch Manning (16) warms up as the Texas Longhorns prepare to play the Clemson Tigers in the first round of the College Football Playoffs at Darrell K Royal Texas Memorial Stadium.
August 23, 2025

Schools Are Hesitant to Allow PE Into Their Athletic Departments

Regardless of budget, schools don’t believe the risk is worth the reward.
Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
August 22, 2025

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

Top leaders in college sports have yet to see a satisfactory proposal.
Nov 23, 2024; Minneapolis, Minnesota, USA; Penn State Nittany Lions head coach James Franklin looks at quarterback Drew Allar (15) during the first quarter against the Minnesota Golden Gophers at Huntington Bank Stadium.
August 22, 2025

Private Equity Enters College Sports—Without the Equity

As college football starts, lending agreements have become PE’s best way in.

$2B A’s Vegas Stadium Hits Milestones, on Track for 2028

Construction progress and costs pick up in the Las Vegas project.
Alex Rodriguez and Marc Lore
August 21, 2025

Timberwolves Lay Off Dozens After A-Rod, Lore Take Over

Rodriguez and Lore took over the Wolves and Lynx in June.
August 21, 2025

Amid Dream Season, Valkyries Face Potential Playoff Arena Conflict

The Valkyries are seventh in the WNBA standings.
Sponsored

Building A Pro League From Scratch

Front Office Sports and Gainbridge® spotlight what it takes to build a professional women’s soccer league.
August 20, 2025

Yankees TV Ratings Swing Up 5% From 2024, 12% Higher Than Mets

The club’s local viewership improves, due largely to surges in streaming.
Bay FC
August 20, 2025

Bay FC Set to Break NWSL Attendance Record in San Francisco

NWSL players have often resisted playing at baseball stadiums.
August 19, 2025

Rockies Are No Longer on Record-Setting Path to Rock Bottom

The MLB club’s play improves considerably.
May 7, 2025; Boston, Massachusetts, USA; Boston Celtics guard Jaylen Brown (7) react after a play against the New York Knicks in the second quarter during game two of the second round for the 2025 NBA Playoffs at TD Garden.
August 19, 2025

Full Celtics Ownership Picture Clearer As Chisholm Takes Over 

Chisholm immediately takes over as lead governor.