76ers fan David Adelman buys stake in the group which owns the NBA team and New Jersey Devils

David Adelman has agreed to buy a 10 percent stake in Michael Rubin’s Harris Blitzer Sports and Entertainment, which owns both the Philadelphia 76ers and New Jersey Devils.

Adelman is the chairman of real estate company 76 Devcorp, which has been working to build a new downtown area for the 76ers.

“It’s Josh and David’s team,” Adelman said Forbes on Thursday for the Sixers’ home opener in 2022-23. “I just want to be able to join as a Philly partner.”

The 10 percent stake in HBSE is estimated at about $250 million, according to Forbes. The NBA has already approved the transaction, but the NHL has yet to approve it before the deal can become official.

Forbes also values ​​the 76ers at $2.4 billion and the Devils at $775 million.

Adelman, Harris and Blitzer have already developed a working relationship, as the three had already joined forces when they founded Devcorp.

“It’s going to happen because we have a great plan, a great design, and a great location,” Adelman says. “We’re not taking city money, and we’re going to help revive a part of the city that could use a shot in the arm.”

‘It was the only destination I was looking for’, adds Adelman about the proposed location. “And the reason is that sports arenas, downtown stadiums, are breathing new life into cities.”

Adelman, who grew up near Philadelphia and is the chief executive of Campus Apartments, a student housing provider. His original investment of $2,000 more than 30 years ago has grown to more than $1.5 billion in properties in 18 states.

He also co-founded asset manager FS Investments, formerly Franklin Square Capital Partners. The company estimates it has more than $35 billion in assets under management.