‣ Rubin sold his stakes in the Sixers due to the conflict of interest involving sports betting and player partnerships, reflecting on the ownership group’s failure to win an NBA championship during his tenure as a measure of their success.
‣ Despite the perceived failure with the 76ers, Rubin continues to influence the sports, technology, and business sectors, expressing enthusiasm for his current role and the opportunities it presents.
At the MIT Sloan Conference, Michael Rubin acknowledged that, before stepping away as a Sixers minority owner, the conflict of interest as Fanatics grew meant he was “violating every rule the NBA had.”
— Gina Mizell (@ginamizell)
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Michael Rubin, once a minority owner of the Philadelphia 76ers, shared an interesting tidbit. He feels “much more connected” to sports now than when he was in the thick of it with the Sixers.
At the MIT Sloan Conference, Rubin let slip a little joke. He claimed he was “violating every rule the NBA had” during his time as co-owner. Betting was a big no-no, apparently.
Who is Michael Rubin, you ask? Well, he’s the big boss at Fanatics, an online giant dealing in retail and sports betting. While juggling his role with the 76ers, he was also busy expanding his empire.
Speaking of which, at that conference, Rubin was pretty candid. He admitted that owning a piece of the Sixers was a conflict of interest that hindered Fanatics’ growth. “It was a great privilege, though,” he mused, reflecting on the experience and knowledge he gained.
And now? Rubin’s at the epicenter of sports, tech, and business, claiming the “funnest job on the planet.” His mornings are a rush of excitement, anticipating the myriad of challenges ahead.
But let’s take a step back. Rubin was part of the investment group that snagged the Sixers for a cool $280 million. The NBA gave its nod on October 13, 2011.
Fast forward to June 2022, Rubin had to let go of his stakes in Harris Blitzer Sports & Entertainment. Why? Sports betting and player partnerships were causing a bit of a stir.
Rubin’s reflection on his time with the Sixers is tinged with a hint of disappointment. Despite the efforts, the team never clinched an NBA title under their ownership. “We failed,” Rubin said bluntly. “Winning a championship is the job.”
The 76ers’ last victory dance was in 1983, defeating the Los Angeles Lakers. Since then, they’ve made 23 playoff appearances, including a notable run in 2001, only to fall to Kobe Bryant and the Lakers.
Before diving into the sports world, Rubin founded GSI Commerce in 1998, later selling it to eBay for a staggering $2.4 billion in 2011. He’s also on the board for Rue Gilt Groupe, overseeing RueLaLa.com, Gilt.com, and ShopPremiumOutlets.com.
So, there you have it. Rubin’s journey from the 76ers to Fanatics is a tale of ambition, conflict, and a relentless drive towards the next big thing.
