David Adelman purchases share of Michael Rubin’s HBSE stake to become Sixers limited partner: ‘I’m excited to be involved in a small way’
Adelman bought a significant portion of Michael Rubin's 10% stake. He also serves as chairman of 76 Devcorp, a new development company responsible for building 76 Place at Market East.
David Adelman is now a 76ers limited partner.
The Campus Apartments CEO bought a significant share of Michael Rubin’s roughly 10% stake in Harris Blitzer Sports & Entertainment — which oversees the Sixers and the New Jersey Devils. Terms of the transaction were not made public, but Forbes estimated the 10% stake is valued at roughly $250 million.
It was announced in June that Rubin, who owns Fanatics, would sell his stake in the team after growing the business and acknowledging conflicts that made it difficult for him to remain in team ownership and meet requirements laid out in the NBA and NHL collective-bargaining agreements.
The rest of Rubin’s stake is being consolidated by managing partner Josh Harris, co-managing partner David Blitzer and additional limited partners.
“When you are not that good of an athlete, like you know you are not doing anything with your athletics, this is just surreal,” Adelman jokingly told The Inquirer during Thursday’s home-opener against the Milwaukee Bucks at the Wells Fargo Center. “I’m humbled to be involved in this. It’s really amazing.”
In addition to becoming a limited partner, Adelman, 50, is chairman of 76 Devcorp, a new development company responsible for building 76 Place at Market East. The company hopes to bring a $1.3 billion, 18,500-seat arena to 10th and Market in 2031.
“This is Josh and David’s team,” Adelman said. “I think being the Philadelphia partner, I can bring some perspective of the city and things like that. You know working, being partners with them on the arena, it feels very natural there. Josh and David are wonderful.”
Alderman mentioned that, a few seasons after buying the team, Harris and Blitzer built a world-class practice facility in Camden after the team spent numerous year practicing at Philadelphia College of Osteopathic Medicine. Adelman said now they agreed to bring a world-class arena to downtown Philly.
“So I feel blessed the Sixers have guys like that running the team,” Adelman said.
A diehard Sixers fan, he has shared four floor-seat season tickets between the scorers table and Sixers bench with Campus Apartments founder and Sixers superfan Alan Horwitz for 15 years.
In the coming weeks, HBSE intends to condense their ownership group. Some limited partners will remain while other limited partners will leave.
“With the sale of his stake in Harris Blitzer Sports & Entertainment now completed, we would like to express our gratitude to Michael Rubin for all his contributions and wish him continued success as he takes Fanatics to even greater heights,” HBSE said in a statement. “Michael is an innovator and game changer in the sports industry who made an incredible impact on HBSE and the cities we serve. He will always be a member of the HBSE family.”
Rubin is the founder and chief executive of Fanatics, which is valued at $27 billion. He recently entered into the trading card and collectible business. That and his direct partnerships with professional athletes pose a conflict with the leagues. It was announced this summer that he also plans to start a gaming and betting division. Additionally, he purchased Philadelphia vintage jersey maker Mitchell and Ness.
None of Rubin’s conflicts were present when he bought into a minority share of the Sixers in October 2011 while Fanatics was still in its early stages.
For Adelman, this is a great time to join the Sixers ownership group.
“It is, especially [because] Michael Rubin is one of my closest friends,” he said. “We’ve been best friends for 25 years. To kind of make the handoff like this, when we win a championship this year under my watch, without his watch, it will feel good, right?
“But, no, I’m just excited to be involved in a small way.”