Sportswear retailer Fanatics, rappers Jay-Z, Meek Mill and Lil Baby, and entrepreneur Maverick headline the star-studded new owners of retro sports apparel company Mitchell & Ness, Yahoo Sports reported Friday (Feb. 18). They teamed up with the D’Amelio family to pay $250 million, with Fanatics grabbing three-quarters of the ownership stake.
“I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business,” Fanatics CEO Michael Rubin said in a statement. “Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
Fanatics has branched out into nonfungible tokens (NFTs), trading cards and sports betting on top of its core business, the report stated. In January, Fanatics acquired Topps for $500 million.
Read more: Sports Memorabilia Biz Braces for Change As Fanatics Buys Topps for $500M
Fanatics also launched its Candy Digital unit last year to authenticate sports memorabilia and validate valuations. Fanatics described Candy as a “next generation digital collectibles company that brings together world class digital artists, designers and technologists to develop a broad range of official NFTs.”
Mitchell & Ness, which had been owned by Juggernaut Capital Partners, had $350 million in revenue last year, with $70 million in profit, according to the report.
Adidas bought Mitchell & Ness in 2007 and sold it to Juggernaut Capital in 2016, the report stated. The company dates back to 1904, when it started as a sporting goods company specializing in tennis racquets, golf clubs and uniforms. It made uniforms for the Philadelphia Eagles and other teams in the 1930s and pivoted to its retro jersey focus in 1983.
Mitchell & Ness will operate as a separate, distinct brand within the Fanatics commerce division, according to the report.
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