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Fanatics and a number of high-profile investors are purchasing vintage sports jersey maker Mitchell & Ness for a reported $250 million — five times the amount Adidas sold it for in 2016 to Juggernaut Capital Partners.
The sports apparel company is joined by investors including entrepreneur Maverick Carter, rappers Jay-Z, Meek Mill, and Lil Baby, and the TikTok-famous D’Amelio family. Jay-Z became Fanatics’ vice chair and participated in a $322 million funding round last year, valuing the company at $18 billion.
Fanatics will reportedly oversee 75% of the jersey maker, and the additional investors will own the rest.
- Mitchell & Ness recorded $350 million in revenue last year and $70 million in profit.
- Since being acquired by Juggernaut Capital, the company’s revenue has tripled, according to CEO Kevin Wulff.
Mitchell & Ness will operate as a separate brand. The deal is expected to help grow the company’s global brand awareness, expand its product portfolio, and bring in new league and team rights. In November, Mitchell & Ness officials said they wanted to open five-to-six more brick-and-mortar U.S. stores.
Fanatics’ Fortune
Fanatics’ trading card company was valued at $10 billion in September and went on to acquire Topps for $500 million in January. It has exclusive deals with the NBA, MLB, their players associations, and the NFLPA.
The company has also shown growing interest in its own sportsbook, though it was recently denied a New York license.
