Michael Rubin, a billionaire with his business based on Conshohocken’s riverfront, is reportedly interested in buying the Carolina Panthers according to CNBC. From CNBC:
Fanatics owner and internet entrepreneur Michael Rubin is very interested in buying the NFL’s Carolina Panthers, sources told CNBC on Sunday.
The Panthers announced the team was for sale in December, after their longtime owner Jerry Richardson was accused of workplace misconduct. Rubin has not yet put a bid in for the team, but is considered to be a very serious potential bidder.
Rubin is the owner of Conshohocken-based Kynetic, which includes sports apparel company Fanatics. Rubin has close business ties to the NFL through Fanatics. From ESPN.com:
Rubin, who is worth $3 billion according to Forbes, is a more familiar name for NFL owners, many of whom have already embraced him over the years. Fanatics runs the NFL’s online store and sells more NFL-licensed gear than any other business in the world.
In May 2017, NFL owners paid $95 million for a 3 percent stake of Fanatics. In September, a new financing round valued Fanatics at $4.5 billion, making the owners’ investment worth $135 million, an increase in value of more than 40 percent in just four months.
Rubin wouldn’t be new to sports team ownership. He already owns percentages of the Philadelphia 76ers, New Jersey Devils and Crystal Palace (Premier League).
More to come.
Acknowledgement – Rubin is an investor in Burb Media, LLC, the parent company of MoreThanTheCurve.com.