Sporting goods giant Fanatics is to acquire vintage team jersey maker Mitchell & Ness for around $250 million, a source familiar with the matter told The Post.
Fanatics CEO Michael Rubin is teaming up with rappers Jay-Z, Meek Mill and Lil Baby — and Maverick Carter, a business partner of LeBron James — for the purchase. The D’Amelio family of TikTok stars are also part of the group buying Mitchell & Ness.
Rubin and Fanatics were in a series of deals with sports card maker Topps earlier this month and struck a deal with Macy’s late last year to sell its gear on the retailer’s website.
Fanatics, the largest NBA, NFL and MLB jersey maker, declined to comment to The Post on the price paid for Mitchell & Ness, but confirmed the deal.
Rubin said that growing up in Philadelphia, he considered Mitchell & Ness jerseys a “badge of pride.” Rubin is part owner of the Philadelphia 76ers.
“I am extremely thrilled that Fanatics is partnering with this incredible group of innovative owners to build on the company’s already strong businesses that have kept the brand culturally relevant for over 100 years,” he said. he said in a statement.
The company that started in 1904 gained a foothold making official team uniforms, including for the Philadelphia Eagles. His current offerings include a 1988 Larry Bird All-Star basketball jersey and other “retro” apparel replicas.
Juggernaut Capital Partners bought Philadelphia-based Mitchell & Ness from Adidas in 2016 for around $50 million, and is therefore expected to make a profit on the sale. Adidas bought the niche brand in 2007 for less than that.
The Fanatics, owned by Michael Rubin, were valued at the end of last year at around $18 billion after a $322 million funding round from investors including Jay-Z. In January, the sports licensing company struck a deal to buy the Topps trading card business which would have valued that side of the business at $500 million.