In a statement shared with Complex, Rubin touted the Philadelphia-based company as an “iconic brand” with a limitless future.
“I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years,” the Philadelphia 76ers partner and Fanatics CEO said. “Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
A source close to the deal confirms to Complex that it was worth $250 million.
The deal—s breakdown of which is 75 percent Fanatics, 25 percent other involved parties—sees Rubin’s Fanatics, Jay-Z, Meek Mill, Maverick Carter, Lil Baby, the D’Amelio family (i.e. Charli, Dixie, Marc, and Heidi), and others acquiring the brand from Juggernaut Capital Partners.
Moving forward, the aim is to achieve a marrying of Mitchell & Ness’ business model with the Fanatics platform, including via a product portfolio expansion and a push for more global recognition. Mitchell & Ness will continue to operate as a separate entity within the larger Fanatics Commerce framework, meaning Mitchell & Ness CEO Kevin Wulff will retain his current title while reporting to Joe Bozich, President of Fanatics Brands.
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” Jay-Z said of the acquisition. “I was an early adopter of this brand, as well as a part of a departure from athletic wear. 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.”