Chris Paul, James Harden, Devin Booker, Kevin Hart, and Steve Stoute are among the big names getting in on the action.
Kevin Durant and LeBron James headline a group of big-name players making a major investment — and no, it isn’t pickleball this time.
On Tuesday, Fanatics CEO Michael Rubin announced the new ownership group for its Mitchell & Ness brand, including James, Durant and Rich Kleiman’s 35V, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell Beckham Jr., Kevin Hart, Rich Paul, Scooter Braun, and Steve Stoute.
Back in February, Fanatics purchased 75% of Mitchell & Ness, an iconic throwback jersey and nostalgic sports merchandise company, for a reported $250 million, with the help of big names like Jay-Z, Maverick Carter, Meek Mill, and Lil Baby.
Per Rubin, M&N grew 30% this year into a $350 million business, and he has his eyes set on it turning into a multibillion-dollar brand.
These are the biggest names in sports and entertainment and I can’t think of better group of culture makers to join @Fanatics, Jay-Z, @MeekMill, @lilbaby4PF, @mavcarter, @marcdamelio, @charlidamelio and the @dameliofamily to take this already iconic brand to even greater heights!
— Michael Rubin (@michaelrubin) October 26, 2022
“Adding owners like we did today is a great step towards doing that,” Rubin said on the occasion. “We’re really excited to get people that are making culture to be owners and band together with us on this.”
In March, Fanatics was valued at $27 billion — a $9 billion spike from the year prior. That number has surely reached higher following the purchase of Mitchell & Ness — among other major investments under the Fanatics umbrella — and this week’s latest investment.
The modern craving for nostalgic style certainly plays a huge part in the brand. Rubin cited how James and business partner Rich Paul jumped in on this opportunity based on “their love” for the Mitchell & Ness brand, and it’s safe to say that their fellow backers had a similar pull.
“Athletes, celebrities, and artists are sick of just getting checks, they want to make money from equity. They want to be partners in these businesses,” Rubin said.
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