Fanatics’ trading card company is off to a flying start, raising $350 million at a $10.4 billion valuation. 

The Series A round for the spinoff company came from Silver Lake, Insight Partners, and the holding company for UFC-owner Endeavor. The three investors collectively secured an approximate 3.4% stake in the new company. 

Just weeks old, Fanatics Trading Cards is now valued eight times higher than the $1.4 billion valuation of 83-year-old Topps ahead of its planned SPAC merger. The merger was called off when Topps lost its licensing deal with MLB to Fanatics in August.

• Fanatics Trading Cards will make baseball cards starting in 2023.
• It will replace Panini as the NBA’s card maker in 2026.
• It has a 20-year licensing deal with the NFLPA starting in 2026.

The NBA, NBPA, MLB, MLBPA, and NFLPA will all hold stakes in the new company.

Fanatics isn’t done venturing into sports-related industries: It is looking into acquiring a sportsbook and has held talks with Betsson and Rush Street Interactive. Fanatics has also said it is interested in breaking into the ticketing industry.

The company raised $325 million at an $18.4 billion valuation in August, tripling its value over the previous year. The NFL bought a 3% stake in the company in 2017 for $95 million.

The Chicago Bears signed a purchase agreement on Wednesday for the Arlington International Racecourse property in a deal valued at $197.2 million, according to The Athletic. 

The property is a potential site for a new stadium. 

The Bears submitted a bid in June to purchase the 326-acre facility, which is roughly 30 miles north of downtown Chicago. 

The Bears have called Soldier Field home since 1971, but the benefits of the Arlington site include expanding stadium capacity, an option for an enclosed stadium, and a sports betting lounge. 

Chicago city officials have insisted that the Bears could remain at Soldier Field as the team’s lease runs through 2033, according to WGN News. 

• The team would be forced to pay $84 million to the city if the lease is broken in 2026.
• After 2026, the financial penalty decreases. 
• The sale of the Arlington site is expected to close between 2022 and 2023. 

The Bears are in talks for renovations at Soldier Field with the Chicago Park District, owner of the historic stadium. Its 2001-2003 renovation cost a reported $733 million, including $432 million in taxpayer dollars.

Last week, Chicago Mayor Lori Lightfoot said that she wants to keep the Bears in the city and is willing to improve Soldier Field’s viability as a year-round venue, but that plan could now be in jeopardy.

The average cost of the NFL’s seven newest stadiums is $2.2 billion.

Global technology investment firm Silver Lake is purchasing a stake in Pro Football Focus, helping the analytics platform expand into other sports.

The investment is reportedly worth $50 million, putting Pro Football Focus at a nine-figure valuation, according to ESPN’s Adam Schefter.

Owned by broadcaster and former NFL player Cris Collinsworth, PFF works with all NFL teams and more than 95% of the Power Five colleges. The company initially focused on analyzing and grading players, plays, and team performance but is looking more at more opportunities to market to fantasy players and gamblers.

Silver Lake, which has around $88 billion in assets under management and committed capital, is by no means new to the world of sports.

• The firm purchased a 10% stake of Manchester City and New York FC’s holding company City Football Group for $500 million in 2019.
• Silver Lake was part of a $325 million investment round for Fanatics in August.
• The company invested in gym operator Equinox last year.
• It also owns a stake in Madison Square Garden.

The funds will assist in Pro Football Focus’ expansion into soccer with a set of tools slated to launch next year, as well as the development of a rugby product. The agreement allows Silver Lake to hold the asset for longer than a traditional private equity fund.