Rubin, who is a minority owner of the 76ers, is selling his stake in the company that owns the hockey team and the basketball team.
Rubin, who holds a 10% equity stake in HBSE, is selling his stake in the NBA and NHL teams because of conflicts in the expansion of his business into sports betting and player partnerships.
Rubin said that the obstacles he has to navigate to ensure his new businesses don't conflict with his responsibilities as part-owner of the Philadelphia 76ers have grown. I will be selling my stake in the team and returning to being a fan.
The company sells licensed collegiate and professional merchandise online. Collective bargaining rules are at odds with the expansion of sports betting and individual partnership deals.
Rubin drew the attention of NBA rivals because of his close relationship with Harden, who was traded from the Nets to the 76ers. Rubin can now enter outside financial partnerships with players who were not allowed because Rubin was a part-owner of the teams.
HBSE founder and managing general partner Josh Harris said in a statement that Michael's decision doesn't come as a surprise. He has been a partner for many years. His entrepreneurial mindset and steadfast commitment to doing the right thing have left a mark on the organization.
"Michael is a key partner in our commitment to be a force for good in Philadelphia and will always be a member of our HBSE and 76ers family," said the statement.
"Michael is a visionary and innovator who has helped us grow and position HBSE for future success," said HBSE co-founder and co-managing partner David Blitzer. His instincts, work ethic, passion, and ability to bring people together have helped establish him as one of the industry's most influential and successful leaders.
Michael has used those same attributes to help us evolve and grow, all while being a driver of positive, inspiring change in our communities. As he prepares for this new chapter in his career, I'm excited to watch Michael further disrupt the business by connecting sports fans from around the world through a variety of new platforms and vertical markets.
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