Fanatics chairman Michael Rubin has increased his ownership stake in the Philadelphia 76ers and New Jersey Devils through the purchase of other minority shares, Sportico reported on Friday.
According to the report, Rubin added two percent of the Harris Blitzer Sports & Entertainment to his portfolio, bringing his total stake in the company to 10 percent. Among the entities Harris Blitzer has a stake in are the 76ers, Devils, the Prudential Center (the Devils’ home arena), and New Meta Entertainment (the parent company of esports organization Dignitas).
Sportico reported that Josh Harris and David Blitzer -- the managing partners and largest stakeholders in the company -- also increased their equity in the company through purchases of shares owned by minority partners.
Rubin purchased Fanatics in 2011 and turned it into the world’s largest seller of licensed sports merchandise. Earlier this summer, the company was valued at $6.2 billion and is reportedly interested in going public.
The Boston Celtics swept the 76ers in the first round of the playoffs last month in the NBA bubble near Orlando, and the 76ers soon after fired head coach Brett Brown. The Devils finished with the fewest points in the Eastern Conference (68) but drew the No. 7 overall pick in the lottery.
--Field Level Media
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