Fanatics has some new big-time owners at the helm.
Former Philadelphia 76ers owner Michael Rubin has been growing the business and recently added Mitchell & Ness to his portfolio. In the process, he’s added a few of his NBA friends to join in, like, LeBron James, Kevin Durant, Chris Paul, Devin Booker, CJ McCollum, James Harden, and Joel Embiid. He didn’t stop at basketball, adding Odell Beckham Jr. and DeSean Jackson to the mix and expanding to some of Hollywood’s elite like Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun, and Steve Stout.
With all that money in one room, the group will own 25% of Mitchell & Ness, with Fanatics owning the remaining 75%. Rubin spoke to CNBC about the new owners, adding that the growth Mitchell & Ness has seen can potentially make it a multi-billion dollar brand from its new $350 million valuation.
“Adding owners like we did today is a great step towards doing that. We’re really excited to get people that are making culture to be owners and band together with us on this,” Rubin told CNBC.
Mitchell & Ness is a staple for sports fans from the time they are kids dreaming of rocking the Hardwood Classics. In fact, that’s how 16-year-old LeBron met his long-time friend and agent Rich Paul– he saw a stranger rocking an authentic Warren Moon throwback jersey in the airport and struck up a conversation with him.
“LeBron James and Rich Paul came together by their love for Mitchell & Ness,” Rubin said.
The exact financial terms of the deal were not announced.