Report: Fanatics founder Rubin increases equity stake in 76ers

Philadelphia's limited partner invests more in franchise, which is searching for a new head coach.

Billionaire Michael Rubin has increased his ownership stake in the Philadelphia 76ers, according to Eben Novoy-Williams and Scott Sochnick of Sportico.

Rubin is the found of executive chairman of sports apparel company Fanatics. He is also minority owner of the NHL's New Jersey Devils and, per Sportico, increased his equity in that franchise as well.

Josh Harris of Harris Blitzer Sports & Entertainment is the majority owner of the 76ers, who are in the middle of a coaching search after parting ways with Brett Brown last month.

"Following a shake-up of limited partners, Rubin added 2% to his portfolio and now owns almost 10% of Harris Blitzer Sports & Entertainment, the company that holds both franchises, plus the Prudential Center, esports organization New Meta and a handful of other sports and entertainment assets," Novoy-Williams and Soshnick wrote.

Fanatics was valued at $6.2 billion in a recent funding round, per Sportico, and is considered the world's largest seller of licensed sports apparel.