Michael Rubin to Cash In as Fanatics Inks NHL Uniform Deal

Michael Rubin is an American executive who founded a successful commerce company early in his career and went on to become the chief executive of Fanatics, a licensed sports merchandise firm. He dabbled in business ownership as a teenager and has become a billionaire. How much is Michael Rubin's net worth in 2023?

With a recent valuation placed upon his company, Fanatics, at $31 billion, Michael Rubin's wealth reportedly grew to over $11 billion by the end of 2022, according to Forbes. The entrepreneur could have easily retired back in 2011 when he sold his first company, GSI Commerce, to eBay for $2.4 billion, but he continued to forge ahead and build his fortune.

Rubin apparently had an entrepreneurial drive from an early age, as he started a basement ski-tuning shop at home at age 12. This was followed by his own ski shop in Conshohocken, Pa., when he was only 14, partly funded by his bar mitzvah gift money.

Despite ending up $120,000 in debt a few years later, Rubin shrewdly negotiated a deal for $37,000 to creditors that required him to go to college. However, he left Villanova University after a semester and a profitable arrangement selling overstock equipment.

Rubin's next business ventures also involved sports. KPR Sports was founded with money from his ski shops and the overstock deal, selling overstock name-brand merchandise. KPR Sports had $1 million in annual sales by the time he was 21, and $50 million in sales two years later.

In 1998, Rubin started Global Sports Incorporated, which later became GSI Commerce. In 2011, Rubin made $150 million when he sold GSI to eBay for over $2 billion. However, that wasn't the end of his connection to GSI. He negotiated a buyback of the consumer business, part of which he rebranded as Fanatics, Inc.

As head of Fanatics, Rubin has negotiated valuable partnerships with over 300 professional leagues, sports, and teams. Deals with the NFL and the MLB along with Nike have proven lucrative as well. In 2022, Fanatics acquired the Topps trading card business.

Here's a rundown of key funding rounds for Fanatics:

• August 2020: $350 million Series E
• March 2021: $320 million funding round
• August 2021: $325 million funding round

The latest funding round of $700 million in 2022 put the company's valuation at $31 billion and boosted Rubin's net worth to $11.3 billion.

As CNBC reported, the NHL has made an exclusive 10-year deal with Fanatics. Beginning in the 2024–2025 season, Fanatics will replace Adidas as the official NHL uniform supplier. “This is a seminal moment in the history of Fanatics, and a testament to the hands-on, collaborative relationship with the NHL that we’ve built over the years,” stated Rubin.

• 2011: Forbes list of 20 Most Powerful CEOs 40 and Under
• 2011: Network for Teaching Entrepreneurship honor at Philadelphia Visionary Gala
• 2018: Bleacher Report "Power 50" list of most influential people in sports
• yearly from 2015–2019: Sports Business Journal Top 50 Most Influential People in Sports Business
• 2021: Sports Business Journal Most Influential Person in Sports Business
• 2022: Sports Business Journal Sports Executive of the Year