Fanatics, Michael Rubin’s online sports company, has brought together a star-studded group of investors to transport Mitchell & Ness into the present day.
On Feb. 18, it was announced that the legendary sports goods brand had been acquired for $250 million, Sportico reports.
The recent deal included investments from Jay-Z, Maverick Carter, Meek Mill, Lil Baby, and the D’Amelio family. The breakdown of the ownership is Fanatics takes 75 percent of Mitchell & Ness, while the other investors get 25 percent, according to The New York Times.
Mitchell & Ness has previously been a staple in the clothing industry, especially for streetwear fashion. Just as brands such as Diddy’s Sean John are working to make a comeback, the investors are bringing new energy to the brand that’s been missing.
“Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. I was an early adopter of this brand, as well as a part of a departure from athletic wear. I’m proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.”
Michael Rubin also shared a statement:
“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. 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.”
Jay-Z & Fanatics
Jay-Z jumping on board for the acquisition of Mitchell & Ness is an extension of the business relationship he’s already built with Fanatics.
In August 2021, AfroTech shared that the mogul and his company Roc Nation were investors in the platform’s $325 million funding round — bringing its valuation to $18 billion.
