Michael Rubin attended the Fanatics Super Bowl Party on February 12, 2022 in Culver City, California.
Sharif Ziyadat | film magic Getty Images
Billionaire CEO Michael Rubin announced on Wednesday that he was selling his 10% to the parent company, which owns the Philadelphia 76ers and New Jersey Devils, citing a conflict of interest with Fanatics’ collector’s value and planned sports betting operations.
Rubin has no plans to buy from another team after selling his stake in Harris Blitzer Sports & Entertainment, a source familiar with the matter told CNBC. Instead, his focus is on Fanatics, the sports e-commerce company that has grown into a $ 27 billion global operation since 2011.
“When I was part of the ownership group that acquired Sixers in 2011, Fanatics was just starting with a small office in the King of Prussia selling only licensed sporting goods online,” Rubin said in a statement posted on Twitter. “Today, Fanatics is rapidly transforming into a global digital spot platform in many businesses, with more than 10,000 employees in 57 countries and serving nearly 100 million sports fans worldwide.”
Fanatics’ growth has been fueled in part by acquisitions in recent years of WinCraft, a sports goods company, and Topps, a card trading company it bought for $ 500 million.
The unions of the NFL, MLB, NBA, NHL, MLS and some players have stakes in Fanatics, which has multiple licensing rights and deals with professional and college athletes.
Topps recently announced that it will launch a new line of trading cards involving college athletes this fall, a program that will include more than 150 schools and reduce the profits of some players.
“I had the incredible opportunity to be part of the owners’ group by buying the team I grew up idolizing,” Rubin said in a statement. “Attending matches, getting to know our players and looking inside was one of the most exciting and educational aspects of my life.”
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– Jessica Golden of CNBC contributed to this article.
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