Jay-Z, Meek Mill & Lil Baby Part Of Group Who Purchased Mitchell & Ness In $250M Deal
19 Feb 2022
U.S. sports merchandise retailer Fanatics announced on Friday it had acquired Mitchell & Ness with the held of Jay Z and a cohort of other celebrities.
According to reports, rappers Meek Mill & Lil Baby, LeBron James’ business partner Maverick Carter and the TikTok family the D’Amelio’s were also involved in the deal which valued the 118 year-old company at $25o million.
“Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. 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.”
“Mitchell & Ness is an iconic brand and pioneer within our industry,” Fanatics owner Michael Rubin added. “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”.
Mitchell and Ness remain an active player in the sports merchandise boasting several deals with the NBA, NFL, MLB, MLS and various NCAA schools, pulling in $350 million in sales and $70 million in profit last year.
Fanatics will take a 75% slice of the business, with the rest shared between the celebrity group.