The sports licensing and commerce company raised an additional $325 million, with new money from Jay-Z and Roc Nation, Major League Baseball, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment and Insight Partners, according to people familiar with the deal.
The larger integrated Fanatics will be led by Michael Rubin, who will transition from executive chairman to chief executive officer. But under his leadership, it evolved into a multibillion-dollar global consumer player with more than 7,500 employees and merchandise that can’t be found anywhere else. Fanatics has carved out a very techie sports-fashion niche, combining its connections to teams and leagues with data savvy and a quick turn supply chain that positioned it to be able to react — and start selling — moments after a big win on the field or some player development.
A company spokesperson told WWD: “While at this time an IPO remains the most likely outcome for us, there is no update on any timeline.”
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Source: CNBC - 🏆 12. / 72 Read more »