Sportswear retailer Fanatics has closed a $1.5 billion investment round that values the company at $27 billion, The Wall Street Journal (WSJ) reported on Wednesday (March 2).
Fidelity Management and Research Co., funds managed by BlackRock and Michael Dell’s family office, known as MSD Capital, were among investors in Fanatics’ latest fundraising round, according to the report.
Fanatics was valued at $18 billion when it raised $325 million in August in a round that included SoftBank Group Corp.’s Vision Fund, according to the report. Private equity firm Silver Lake is among Fanatics’ other top backers.
The company did not say when or if it will launch an initial public offering (IPO), explaining that it is focused on further developing the business, according to the report. It continues to diversify beyond its core sporting goods and memorabilia business.
In August, he signed exclusive trading card deals with unions representing Major League Baseball (MLB), National Basketball Association (NBA) and National Football League (NFL) players. In January, Fanatics said it was buying trading card company Topps for $500 million.
Read more: Sports Memorabilia Biz braces for change as fanatics buy Topps for $500 million
Fanatics are also entering the legal sports betting space and have launched Candy Digital to sell non-fungible tokens (NFTs). He also owns half of hat retailer Lids Sports Group.
Fanatics also joined rappers Jay-Z, Meek Mill and Lil Baby, and entrepreneur Maverick in buying retro sportswear company Mitchell & Ness last month for $250 million, with Fanatics grabbing three-quarters of the participation.
See more : Mitchell & Ness joins Fanatics and Jay-Z-led group for $250 million
“I am incredibly thrilled that Fanatics is partnering with this incredible group of innovative owners to build on the company’s already strong business,” Fanatics CEO Michael Rubin said at the time. “Growing up in Philadelphia, we considered Mitchell & Ness a sign of pride, and I truly believe that this legendary brand knows no bounds.”
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