David Adelman buys part of Michael Rubin’s stake in HBSE to become Sixers’ limited partner

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David Adelman is now a limited partner of the 76ers.

The CEO of Campus Apartments has purchased a significant portion of Michael Rubin’s approximately 10% stake in Harris Blitzer Sports & Entertainment, which oversees the New Jersey Sixers and Devils.

It was announced in June that Rubin, owner of Fanatics, would sell his stake in the team after growing the business and acknowledging the conflicts that prevented him from retaining ownership of the team and meeting the demands set out in the negotiations. NBA and NHL collectives. Agreements.

The remainder of his stake is consolidated by managing partner Josh Harris, co-managing partner David Blitzer and other limited partners.

In addition to becoming a limited partner, Adelman, 50, is president of 76 Devcorp, a new development company responsible for building 76 Place in Market East. The company hopes to bring a $1.3 billion, 18,500-seat arena to 10th and Market in 2031.

In the coming weeks, HBSE intends to condense its shareholding. Some sponsors will stay while other sponsors will leave.

“With the sale of his stake in Harris Blitzer Sports & Entertainment now complete, we would like to express our gratitude to Michael Rubin for all of his contributions and wish him continued success as he takes Fanatics to even greater heights,” said HBSE in a statement. . “Michael is an innovator and game changer in the sports industry who has had an incredible impact on HBSE and the cities we serve. He will always be part of the HBSE family.

Rubin is the founder and CEO of Fanatics, which is valued at $27 billion. It has recently entered the trading card and collectibles business. That and its direct partnerships with professional athletes pose a conflict with the leagues. It was announced this summer that it also plans to create a gaming and betting division. Additionally, he also purchased Philadelphia vintage jersey maker Mitchell and Ness.

None of Rubin’s conflicts were present when he bought a minority share of the Sixers in October 2011 when Fanatics was still in its infancy.

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