Two major pro sports teams have a new owner.

Fanatics CEO Michael Rubin has reportedly sold his 10% stake in Harris Blitzer Sports & Entertainment, which owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.

David Adelman announced on Twitter that he would be joining the ownership group, with ESPN reporting that he took a “substantial share” of Rubin’s stake. The remainder will reportedly be split between Josh Harris, David Blitzer, and other limited partners. The transaction, which comes after Arctos Sports Partners bought a minority stake in June, values HBSE at roughly $2.5 billion.

Adelman — the CEO of Campus Apartments, co-founder of FS Investments, and founder of Darco Capital — already has ties to the 76ers as the chairman of real estate development company 76 Devcorp, which he created with Harris and Blitzer.