Fanatics CEO Rubin to Sell 76ers Stake Over Business Conflict

Fanatics Inc. Chief Executive Michael Rubin is selling his stake in the Philadelphia 76ers, he announced Wednesday.

Rubin, who became part of the ownership group when Harris Blitzer Sports & Entertainment acquired the team in 2011, said new ventures with Fanatics will force him to sell his stake to avoid conflicts.

“With the launch of our trading cards and collectibles business earlier 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,” Rubin said in a statement. ...