Jay-Z, Meek Mill, Lil Baby along with Fanatics are among the new ownership group that has acquired Mitchell & Ness, Complex reports. Maverick Carter, a business partner of LeBron James and the D’Amelio family of TikTok are also a part of the group.
According to the terms of the deal, Fanatics owns 75 percent with 25 percent purchased by Jay-Z, Meek Mill, Maverick Carter, Lil Baby, and others.
Michael Rubin, Fanatics CEO and a partner with the Philadelphia 76ers, described the sports clothing 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,” Rubin 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.”
In a statement, Jay-Z shared the importance of Mitchell & Ness and bringing the brand into the future.
“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.”
The New York Times reports that the deal is worth $250 million and the company made about $70 million in profit along with $350 million in revenue last year.
Founded in 1904, Mitchell & Ness has partnerships with the National Basketball Association (NBA), the National Football League (NFL), Major League Baseball (MLB), and Major League Soccer (MLS), as well as various National Collegiate Athletic Association (NCAA) schools.