Vintage sports jersey maker Mitchell & Ness is adding athletes to its already impressive celebrity investor list.
LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, and Odell Beckham Jr. are investing in the company in which Fanatics purchased a 75% stake at a $250 million valuation in February — five times the amount Adidas sold it for in 2016 to Juggernaut Capital Partners.
- The remaining 25% went to a celebrity cohort including Maverick Carter, Jay-Z, Meek Mill, Lil Baby, and the D’Amelio family.
- The athletes, as well as Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun, and Steve Stoute, will be part of the cohort.
Financial terms of the deal weren’t disclosed.
Fanatics CEO Michael Rubin told CNBC that Mitchell & Ness grew 30% this year, making it a $350 million business.
“Athletes, celebrities, and artists are sick of just getting checks, they want to make money from equity,” Rubin said. “They want to be partners in these businesses.”
Fanatics is valued at $27 billion.
League Lock
Mitchell & Ness, which operates as a separate brand from Fanatics, secured a deal with the NHL, NHLPA, and NHL Alumni Association in June to collaborate on licensed apparel and accessories.
At the time of the announcement, the company said the first products will be available in November.
