Connect with us

Hi, what are you looking for?

Business

Fanatics valued at $27B after Michael Rubin’s latest funding round

Fanatics this week completed a $1.5 billion fundraising round that values the purveyor of sportswear at $27 billion, sources said. Founder Michael Rubin still retains majority control after selling shares to Blackrock, Fidelity and new investor MSD Capital, Michael Dell’s investment vehicle, a source said. A much-anticipated Fanatics IPO is not likely until next year, sources said. Rubin and Fanatics have been a deal-making spree of late, nabbing sports-card maker Topps earlier this year and inking an agreement with Macy’s late last year to sell its gear on the retailer’s website. The Rubin-owned Fanatics had been valued late last year at around $18 billion after a $322 million funding round from investors, including Jay-Z. In January, the sports-licensing company clinched a deal to buy the Topps trading card business that reportedly valued that side of the business at $500 million. Fanatics acquired vintage team jersey maker Mitchell & Ness last month for around $250 million, a source familiar with the matter told The Post. Rubin teamed with rappers Jay-Z, Meek Mill and Lil Baby — and Maverick Carter, a business partner of LeBron James — on the purchase. Rubin, minority owner of the Philadelphia 76ers, did not use an investment bank in the latest capital raise, sources said, saving valuable fees. The step up shows that winning the MLB sports card business from Topps, and then buying Topps months later for $500 million, is paying dividends. Fanatics also owns Candy Digital and a 50 percent ownership in Lids. Rubin, too, is planning to launch an online sports betting business soon. A Fanatics spokesman declined comment.

Click to comment

Leave a Reply

Your email address will not be published.




Advertisement

You May Also Like

Business

Contact The Author Female employees at CNN are furious that chief spokesperson Allison Gollust is keeping her job after lying about her affair with...

Business

Katie Couric dished on Jeff Zucker and Allison Gollust’s relationship in her tell-all memoir last fall, saying it struck staffers as “super strange” when...

Business

North Korean hackers managed to steal a fortune in cryptocurrency in 2021, according to the results of a recent study. Cybercriminals based in North...

Finance

THE COUNTRIES of East and South-East Asia are renowned, even envied, for reshaping global supply chains. Less well appreciated is the extent to which...