Fanatics CEO Michael Rubin announced Thursday night that he's "passed Sixers ownership to" Campus Apartments CEO David Adelman.
Adelman is also the chairman of 76 Devcorp, the organization tasked with developing the new Center City arena the team plans to play in by the 2031-32 NBA season.
"I’ve known David for most of my adult life," Rubin tweeted. "Not only is he an incredible leader and entrepreneur, but he lives for the city and the team - he literally bleeds 76ers and Philly."
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Rubin had said in June he was selling his stake in the Sixers, since Fanatics' "new businesses will directly conflict with the ownership rules of sports leagues."
Adelman on Twitter thanked Rubin, Sixers managing partner Josh Harris, and co-managing partner David Blitzer for "giving me this opportunity to be a part of this special organization."
A source confirmed to NBC Sports Philadelphia that Adelman purchased a significant portion of Rubin's 10 percent stake. Additional equity is being consolidated among Harris, Blitzer, and other limited partners, the source said.
ESPN's Adrian Wojnarowski first reported the news of Rubin's divestment.
NBA
In joining Harris Blitzer Sports & Entertainment, Adelman becomes a limited partner in both the Sixers and the NHL's New Jersey Devils.
HBSE released the following statement:
"With the sale of his stake in HBSE 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. 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.
"As part of HBSE's long-term growth plan, we are aligning and consolidating our investment group to maximize future opportunities. To that end, in addition to his role as Chairman of 76 Devcorp, Philadelphia native David Adelman is now a limited partner at HBSE.
"Adelman joins a small group of respected investors who, under the leadership of co-founders Josh Harris and David Blitzer, will help further position HBSE as one of the most impactful global sports and entertainment organizations in the world."
The Sixers have their home opener on Thursday night at Wells Fargo Center against the Bucks. Nine years from now, Adelman intends for the team's first game in Philly to be at 76 Place.