Rubin is selling his 10% stake in the parent company of the Philadelphia 76ers and New JerseyDevils due to a conflict of interests.
Rubin doesn't plan to buy into a different team after selling his stake in Harris Blitzer Sports & Entertainment, a person told CNBC. The sports e-commerce company that has grown since 2011 into a global operation has a $27 billion valuation.
Rubin said that when he was part of the ownership group that acquired the 76ers in 2011, they had a small office in King of Prussia to sell only licensed sports products online. With more than 10,000 employees in 57 countries and serving nearly 100 million sports fans worldwide, Fanatics has quickly turned into a global digital spots platform.
WinCraft, a company it bought for $500 million, is one of the reasons for the company's growth.
The National Football League, MLB, NBA, NHL, MLS and some players unions have stakes in Fanatics, a company that has deals with professional and college athletes.
A new line of trading cards featuring college athletes will be released this fall and will include more than 150 schools.
Rubin said that he had the chance to be part of the ownership group buying the team that he was a fan of. Getting to know our players and watching them from the inside has been one of the most fun things I have ever done.
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Jessica Golden was a contributor.
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