Fanatics announced a $1.5 billion funding round, valuing the company at $27 billion.
BlackRock, Fidelity, and MSD Capital were included in the round, a source close to the deal told Front Office Sports. The company raised $325 million in August at an $18 billion valuation.
Initially known for its sports merchandise and memorabilia, Fanatics has gained footholds in other sports sectors with the help of its databases, which include more than 80 million reachable sports fans.
- Fanatics added Topps trading card company to its portfolio in January for $500 million, adding to its own card company, which at the time was already valued at $10 billion. It has exclusive trading card deals with MLB, MLBPA, the NBA, NBPA, and NFLPA.
- The company has been eyeing sports betting and even applied for a license in New York, though that was declined. It hired former FanDuel CEO Matt King to run its sports betting and iGaming division.
- Candy Digital, an NFT platform, brought in $2.7 million from its marketplace debut.
- Fanatics also owns 50% of Lids.
Fanatics Finale?
Despite its new forms of business, Fanatics isn’t distancing itself from its roots by any means. Last month, the company and a number of high-profile investors purchased vintage sports jersey maker Mitchell & Ness for a reported $250 million.
