Michael Rubin is an American business leader who, early in his career, built a thriving e-commerce company and is now the CEO of Fanatics, a licensed sports clothing company. He started out as a wannabe business owner but is now worth a billion dollars. In 2023, how much money will Michael Rubin has made?
Michael Rubin Net Worth
In the United States, Michael Rubin has amassed a net worth of $11.5 billion as a businessman, entrepreneur, and philanthropist. Michael Rubin became wealthy as the head of Fanatics, an e-commerce site that specializes in sporting goods. He also serves as executive chairman of Rue Gilt Groupe, the parent company of e-commerce sites such as Gilt.com, RueLaLa.com, and ShopPremiumOutlets.com.
In the late 1990s, Michael started GSI Commerce, which he later sold to eBay for $2.4 billion.
Rubin joined the Philadelphia 76ers as a partner in 2011 and the New Jersey Devils as a partner in 2013. After hearing that Fanatics had bigger sports betting plans, he decided to sell both of his shares in 2022.
Together with Meek Mill, Jay-Z, Robert F. Smith, and others, Michael founded the REFORM Alliance in 2019 to “transform probation and parole by changing laws, systems, and culture to create real pathways to work and wellbeing.”
Rubin also launched the “All In Challenge,” through which notable people, businesses, and personalities gave their time, money, and resources to raise “tens of millions of dollars to feed those in need” during the COVID-19 pandemic. In one episode of the CBS show “Undercover Boss” from 2010, Rubin posed as an employee in the GSI Commerce call center and warehouse.
Michael Rubin’s Real Estate
A condominium in Manhattan’s West Village cost Rubin $43.5 million in 2018. The 7,750 square foot mansion features a pool, outdoor kitchen, library, screening room, and five bedrooms and five bathrooms. In November 2020, he listed the penthouse for $39 million.
Michael paid $50,000,000 for a seven-bedroom, eight-and-a-half-bathroom property in the Hamptons in early 2021, $25,000,000 less than the asking price.
Michael paid $70 million in September 2022 for the former Hollywood Hills mansion of Ronald and Nancy Reagan.
Entrepreneurial Journey of Michael G. Rubin, a Dropout Who Made a Billion Dollars
Michael G. Rubin, a native of Lafayette Hill, Pennsylvania, bought and resold some sports equipment for a profit of $75,000 before he even started his freshman year at Villanova University. He invested the money into starting KPR Sports, an athletic equipment retailer that specializes in buying and selling surplus items from well-known brands.
In 1995, the year Rubin turned 23, KPR’s revenues jumped from $1 million (his age at the time) in 1993 to $50 million. Established by Rubin in 1998, Global Sports is now known as GSI Commerce. GSI managed the online stores for numerous companies, including Kmart and Sports Authority.
In 2011, eBay paid $2.4 billion to acquire GSI Commerce. In the deal, Rubin repurchased from eBay the GSI companies ShopRunner, Rue La La, and Fanatics, all of which eBay had no interest in acquiring.
Over the next decade, Fanatics signed hundreds of licensing agreements with major retailers and professional sports teams to sell merchandise bearing their logos. According to an article in Bloomberg News from March of 2022, its estimated value was $27 billion.
What Exactly is Fanatics’ Newest Agreement With the Nhl?
According to a report from CNBC, the NHL has signed a 10-year exclusive contract with Fanatics. Fanatics, rather than Adidas, will be providing NHL uniforms as of the 2024–2025 season. Rubin remarked, “This is a defining moment in Fanatics’ history and a testament to the hands-on, collaborative relationship we’ve built with the NHL over the years.”
Fanatics 🤝 @NHL! Announcing the newest addition to our partnership, we are thrilled to become the League’s authentic outfitter of on-ice uniforms starting with the 2024-2025 season! pic.twitter.com/rd82vJFLur
— Fanatics (@Fanatics) March 21, 2023
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