In a significant move for the sports world, billionaire and lifelong Philadelphia 76ers fan David Adelman has purchased a stake in the group that owns both the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. This acquisition comes after Michael Rubin, CEO of Fanatics, put his share of the ownership group up for sale earlier this summer.

Adelman, who has long been involved in various business ventures and is an influential figure in the Philadelphia area, made the purchase as part of his continued interest in sports ownership. His new stake solidifies his position within the ownership group of two major sports franchises, marking a new chapter in his career as a sports investor.

Rubin, who had been a key figure in the ownership group, decided to sell his share as part of a broader move to focus on his growing sports merchandise business. His decision opened the door for other investors like Adelman to join the ownership group, which is led by Josh Harris, the co-founder of private equity firm Apollo Global Management. Harris, who also owns the 76ers and Devils, welcomed Adelman into the fold, and the two are expected to work closely to continue building the teams’ legacies.

Adelman’s investment in the 76ers and Devils highlights the growing trend of billionaires and successful businesspeople investing in sports franchises. With the 76ers poised to be contenders in the NBA and the New Jersey Devils undergoing a rebuild to become competitive once again in the NHL, Adelman’s involvement is seen as a major boost for the future of both teams.

Fans of the 76ers and Devils are excited about the new ownership dynamic, as Adelman’s passion for the Philadelphia sports community is expected to bring additional focus and energy to the teams. His stake in the ownership group signifies the ongoing evolution of sports franchises in the modern era, with business leaders like Adelman helping shape the direction of some of the most popular and historic teams in North American sports.