LeBron James, Kevin Durant and other big names invest in Fanatics lifestyle brand Mitchell & Ness

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Fanatics bought Mitchell & Ness in February of 2022.

Source: Fanatics

Some of the biggest names in sports and entertainment are investing in Fanatics’ lifestyle clothing brand, Mitchell & Ness.

Fanatics CEO Michael Rubin said the new ownership group will include LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell Beckham Jr., Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun and Steve Stoute.

Rubin announced the news at The Wall Street Journal’s Tech Live on Tuesday. Financial terms of the deal were not disclosed.

In February, Fanatics purchased a 75% stake in the Mitchell & Ness with the remaining stake going to a celebrity cohort that included Jay Z, LeBron James’ business partner, Maverick Carter, and rapper Meek Mill. The deal valued Mitchell & Ness at $250 million. The newest investors will be part of this cohort.

Fanatics, which began as a sports merchandising company selling t-shirts and jerseys, has had a rapid ascent, growing into a $27 billion sports hub for millions of sports fans. In January, it acquired the trading card company Topps and in early 2023 it plans to launch sports betting.

The new owners said they plan to make Mitchell & Ness “the most diverse and culturally relevant consumer brand” through their influence and status as tastemakers.

Jay Z became a fan of the brand because of its timeless appeal. “Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” he said in February. “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,” he added.

Mitchell & Ness was founded in 1904 in Philadelphia. The company makes and sells vintage jerseys and apparel collections for nearly every major sports league.

Fanatics has utilized its customer database of over 94 million sports fans to attract new fans to grow Michell and Ness’s business. In June, Mitchell & Ness signed a rights deal to manufacture products for all 32 NHL teams.

Fanatics says men’s and women’s street fashion and nostalgic authentics are some of the fastest-growing areas within the Fanatics Commerce business.

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