Michael Rubin Reportedly Increases Stake in Philadelphia 76ers
As the Philadelphia 76ers are focused on a potential front-office shakeup and the search for a new coach, the partners up top who oversee the whole operation are making a few moves as well.
A few days ago, it was reported that Sixers' Partner Michael Rubin had increased his equity with the franchise. In addition, he also increased his stake with the NHL's New Jersey Devils as well, according to Eben Novy-Williams and Scott Soshnick of Sportico.
Rubin, who previously possessed around eight percent of Harris-Blitzer Sports and Entertainment, has now acquired an additional two percent, per the report. After buying out stakes from David Heller and Art Wrubel, Rubin is now the third-largest shareholder at Harris-Blitzer Sports and Entertainment behind two Co-Managing Partners, Josh Harris and David Blitzer.
Harris, Blitzer, Rubin and more acquired the Philadelphia 76ers from Comcast Spectator back in July of 2011 for a reported $280 million. At the time, the Sixers were struggling to contend. So once Harris, Blitzer, Rubin, and others started running things, they allowed the Sixers' franchise to embark on their infamous 'Process,' which featured a lot of losing games and players to acquire draft picks for a brighter future.
While the Process days are now behind the Sixers years later, the team is still struggling to achieve the ultimate goal of winning a championship. As the 2019-2020 NBA offseason is a critical one for Philly, the Sixers are making some notable changes starting upstairs with the franchise's partners.
Justin Grasso covers the Philadelphia 76ers for Sports Illustrated. You can follow him on Twitter: @JGrasso_