Fanatics, the sports merchandising company run by billionaire Michael Rubin, is in talks to acquire sports betting company Tipico, according to unnamed sources cited by CNBC. The report says the two sides have reached an impasse on price, but the talks are ongoing.
Rubin, Fanatics’ executive chairman, previously announced he’s selling his minority stake in the Philadelphia 76ers and New Jersey Devils to clear the way for the transaction. NBA rules prohibit team owners from operating a gambling platform.
Tipico is the leading sports betting platform provider in Germany, and is licensed in New Jersey and Colorado.
Fanatics has completed several acquisitions in recent years, including buying sports merchandise manufacturer WinCraft and trading card company Topps.
“As our Fanatics business has grown, so too have the obstacles I have to navigate to ensure our new businesses don’t conflict with my responsibilities as part-owner of the Sixers,” Rubin said in a statement posted on Twitter Wednesday announcing the sale of his 76ers stake.
“With the launch of our trading cards and collectibles business earlier this year—which will have individual contracts with thousands of athletes globally—and a soon-to-launch sports betting operation, these new businesses will directly conflict with the ownership rules of sports leagues. Given these realities, I will sadly be selling my stake in the Sixers and shifting from part-owner back to lifelong fan.”
