Rapper and businessman Rick Ross is looking to expand his enterprise into sports entertainment. Recently, he has said he wanted to buy a 5 percent stake in the NFL franchise, Miami Dolphins. Reports have noted the Maybach Music Group mogul is interested in acquiring an ownership stake in a professional NBA team, including a conversation about him wanting to buy into the Miami Heat.
Now, Michael Rubin may have provided him an opportunity to fulfill this dream.
Rubin, a minority owner of the Philadelphia 76ers, announced on Wednesday, June 22, he was going to sell a 10 percent stake in the team. The Fanatics CEO, who also owns the New Jersey Devils, released in a statement he was retreating from the ownership group so that his company can delve deeper into sports gambling and digital collector’s products such as NFTs.
The investor would have to divest from the “House that Dr. J Built,” if he wants to participate in a gambling platform, as NBA gaming rules, which are overseen by the league’s security department, prohibit such ventures are of conflicting interest, according to ESPN, especially betting, fixing or tipping, including the encouragement of others to place wagers, or exercising any “improper influence or manipulation.”
In a statement released on social media, Rubin thanked the Sixers fans for their support and announced the corporate transition.
“As our Fanatics business has grown, so too have the obstacles I have to navigate to ensure our new business don’t conflict with my responsibilities as part-owner of the Sixers,” Rubin captioned. “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 life-long fan.”
Ross, being the shark that he is, propositioned Rubin commenting, “I’ll buy his 10% lol.”
Ross and Rubin are connected in a few ways. Of course, their millionaire status allows them to hang out in similar places, but it is the connection between Philadelphia rapper Meek Mill that has most certainly sealed them at least as associates.
Meek Mill is signed as a recording artist to Maybach Music Group, Ross’ record label, and is besties with Rubin, who stood by him during his legal worries and has helped him expand into various philanthropic spaces, including a $15 million scholarship for schools in Philadelphia.
In 2022 when Rubin acquired his stake, he coughed up a whopping $ $290 million to sit at the table. This could be a challenge as Ross’ estimated net worth, considering his music publishing, entertainment investment, real estate, and franchising, is around $55 million.
But Rozay, Ross’ hip-hop moniker, is not to be counted out. After all, he is the music executive responsible for giving the world Mills, Wale and Gunplay and has six No. 1 albums himself.
The businessman has almost two dozen partnerships and business ventures, crossing over several industries. He is a franchise owner of 25 Wingstop locations, a few Checkers and Rally’s restaurants, and partnerships with spirits brands Luc Belaire and Bumbu. Because of his well-groomed signature beard, he has created a men’s hair and beard grooming line.
The Florida native, who at one time could not do multiplication, has a partnership with Master P’s Rap Snacks and Swizz Beatz’ “Verzuz,” which is outside of him being the author of a New York Times bestselling book, “The Perfect Day To Boss Up: A Hustler’s Guide To Building Your Empire.”
If anyone can find a roadmap to the 10 percent stake it is the man who has made an empire out of nothing, overcoming insurmountable odds, and whose anthem is “Every day, I’m hustling.”
No word on if the offer has been accepted or matched. But fans had a lot to say about Rozay’s proposal.
One fan said, “Ross rich af but he not that type of rich lol.’ Another fan said, “Let’s go.”