Billionaire and lifelong Philadelphia 76ers fan David Adelman ‘buys stake in the group which owns NBA team and NHL franchise New Jersey Devils’ after Fanatics CEO Michael Rubin put share up for sale in the summer
David Adelman has agreed to purchase a 10 percent stake in Michael Rubin’s Harris Blitzer Sports and Entertainment, which owns both the Philadelphia 76ers and New Jersey Devils.
Adelman is the chairman of real estate company 76 Devcorp, which has been working to build the 76ers a new downtown arena.
‘It’s Josh and David’s team,’ Adelman told Forbes on Thursday before the Sixers’ 2022-23 home opener. ‘I just want to be able to participate as a Philly partner.’
Related Post
David Adelman (R) has agreed to purchase a 10 percent stake in Michael Rubin’s Harris Blitzer Sports and Entertainment
Meek Mill and CEO of Fanatics and soon to be former Philadelphia 76ers co-owner Michael Rubin look on during the first half in Game Five of the Eastern Conference Semifinals between the Miami Heat and the Philadelphia 76ers.
The 10 percent stake in HBSE is estimated to be worth around $250million according to Forbes. The NBA has already approved the transaction, however it still needs to be given the OK by the NHL before the deal can become official.
Forbes also values the 76ers at a value of $2.4billion and the Devils at a value of $775million.
Adelman, Harris and Blitzer have already developed a working relationship as the three of them had already joined forces when they created Devcorp.
Philadelphia 76ers guard Tyrese Maxey warms up before action against the Milwaukee Bucks
‘It’s going to happen because we have a great plan, a great design, and a great location,’ Adelman says. ‘We’re not taking city money, and we’re going to help revitalize a part of the city that could use a shot in the arm.’
‘It was the only destination I was looking for,’ Adelman adds of the proposed location. ‘And the reason is sports arenas, stadiums downtown, they revitalize cities.’
Adelman, was raised near Philadelphia and is the chief executive of Campus Apartments, a student-housing provider. His original investment of $2,000 over 30 years ago has grown to more than $1.5bn in properties across 18 states.
He also co-founded asset management firm FS Investments, formerly Franklin Square Capital Partners. The firm estimates it has over $35bn in assets under management.
Harris Blitzer Sports and Entertainment also owns NHL franchise New Jersey Devils
Advertisement
