Michael Rubin, the chief executive of digital sports platform and e-commerce company Fanatics, has sold his 10% stake in Harris Blitzer Sports & Entertainment (HBSE), completing his divestment as a limited partner of NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.

Multiple reports from the US have said a “substantial share” of Rubin’s stake has been sold to businessman David Adelman, an avid fan of the 76ers and chairman of 76 Devcorp, the development company behind the 76ers' new arena.

In securing a share, Adelman replaces Rubin as the third biggest shareholder of the two franchises, behind HSBE co-founders Josh Harris and David Blitzer.

The rest of Rubin’s share has been split between Harris, Blitzer, and other limited partners.

Announcing the sale on his Twitter account, Rubin said: “I’ve known David for most of my adult life, not only is he an incredible leader and entrepreneur, but he lives for the city and the team …”

Adelman added on Twitter: “I’ve been rooting for the 76ers my whole life, thank you Josh Harris, David Blitzer, and my close friend Michael Rubin for giving me this opportunity to be part of this special organization.”

Rubin was an original member of the investment group that purchased the 76ers in 2011. He acquired Fanatics the same year.

Fanatics is currently preparing to enter the gambling and gaming industry with the launch of its BetFanatics product in January 2023, which could have caused conflicts of interest down the line were Rubin to have held onto his HBSE stake.

To head off potential issues, Rubin announced in June he would be selling his stake, allowing Fanatics to enter individual athlete partnerships without breaking the leagues' collective bargaining rules.

Earlier this week, Fanatics appointed Andrea Ellis as the chief financial officer of its nascent online betting and igaming division, Fanatics Betting & Gaming, while Jason White has been hired as the division’s chief marketing officer.