David Adelman is acquiring Michael Rubin's ownership part in the 76ers and Devils.

David Adelman Is Acquiring Michael Rubin’s Ownership Part in The 76ers and Devils.

According to reports Thursday from The Athletic’s sources, billionaire businessman and entrepreneur David Adelman is purchasing a large portion of Fanatics CEO Michael Rubin’s ownership stake in Harris Blitzer Sports Entertainment, the company that owns the Philadelphia 76ers and the New Jersey Devils. Adelman is now directing the development of the 76ers’ new arena designs.

Businessman David Adelman buying Michael Rubin’s 76ers, Devils ownership stake: Sources

With the retail firm Fanatics expanding into new areas that conflicted with NBA and NHL ownership regulations, Rubin and HBSE announced in June that he would sell his stake. They were able to sign fresh athlete contracts and launch a betting and gambling arm.

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According to sources at the time, Rubin sold his pro sports ownership share because he realized it was better for him and Fanatics if he didn’t.

In July, Adelman was named chair of 76 Devcorp, the development firm leading the charge on the 76ers’ new stadium concept.

Lucy Miles

Lucy is a content editor at Bulletin XP, where she works to produce top-quality materials. With a journalism background and a love of clear communication, she excels at creating engaging and accurate content. In her free time, Lucy enjoys reading, writing, and spending time with her loved ones.

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