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The U.S. sportswear giant, Fanatics, will acquire vintage jersey maker Mitchell & Ness. The former is an American corporation owned by Kynetic, a next-generation commerce company.
Michael Rubin, the founder and CEO of Fanatics, will be adding another brand to his big business. According to the New York Post, the deal is locked for $250 million.
Expressing his excitement over the deal, Michael, in a statement, said:
“I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years.”
Things to know about Fanatics and Mitchell & Ness deal
1) Fanatics is not the only member of the deal
Michael G. Rubin is joining hands with rappers Jay-Z, Meek Mill and Lil Baby, alongside sports marketing businessman Maverick Carter, on the purchase. Further, the D’Amelio family of TikTok stars is also part of the team, acquiring American jersey manufacturer Mitchell & Ness.
2) Fanatics founder is the co-owner of a basketball team
Besides being the founder of Fanatics, Rubin is the co-owner of the American professional basketball team, Philadelphia 76ers. It is also among the biggest makers of NBA, NFL and MLB jerseys.
3) Mitchell & Ness is 118 years old
Founded in 1904, Mitchell and Ness is a Philadelphia-based American sportswear company. It originally started as a sports equipment manufacturer. In 1983, the company shifted its focus and began making baseball and football uniforms alongside vintage jerseys. Mitchell & Ness is the oldest sporting company in Philadelphia, Pennsylvania.
4) Fanatics is not the first to purchase Mitchell & Ness
Adidas was the earliest buyer of Mitchell & Ness in 2007. Then, in 2016, Juggernaut Capital Partners bought Mitchell & Ness from Adidas. The deal of 2016 was locked for about $50 million.
5) Fanatics growing expeditiously
Last year, Fanatics was valued at around $18 billion after receiving $322 million as a fund from its investors, including Jay-Z. In January this year, Rubin clinched a deal to buy the sports-card maker, Topps, which is valued somewhere close to $500 million.
