Fanatics Incorporated boss Michael Rubin to offload sports interests
American entrepreneur Michael Rubin (pictured) has announced that he is to offload his 10% stake in the firm behind the Philadelphia 76ers franchise of the National Basketball Association (NBA) so as to move into the nation’s burgeoning sportsbetting market.
According to a Wednesday report from Yahoo Finance, the 49-year-old figure revealed that he will be selling his shareholding in Harris Blitzer Sports and Entertainment, which also owns the successful New Jersey Devils side of the National Hockey League (NHL), to concentrate on running his Fanatics Incorporated licensed sports merchandise firm.
Cumbersome conflict:
Rubin reportedly explained that his decision is due to the fact that NBA and NHL rules prevent individuals holding a stake in its sides from simultaneously operating any form of gambling such as sportsbetting. Fanatics Incorporated purportedly began life as an apparel company but raised $1.5 billion earlier this year at a $27 billion valuation and is now looking to enter an American online sports wagering sector its boss earlier described as ‘super bullish.’
Gradual growth:that he believes the American online casino and sportsbetting market will be ‘a very significant business long-term’ with Fanatics Incorporated looking to become ‘the number-one player in the world long term.’ The billionaire businessman furthermore purportedly pronounced that this comes despite the current scene being ‘very tough’ as operators including the likes of FanDuel Group, Caesars Entertainment Incorporated and MGM Resorts International are racking up associated annual aggregated losses in the billions.
Rubin reportedly stated…
“From our perspective we have probably the most digitally-oriented and transactional commerce brand and we have the best database in all of sports. So that’s a real structural advantage to help Fanatics Incorporated become the ultimate leader in this business and, at the same time, give a better experience to the fan.”