Fanatics hits $27 billion in new funding, adds BlackRock, Michael Dell
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Michael Rubin (Fanatics Executive Chairman) attends Fanatics Superbow Party at College Football Hall of Fame, Atlanta, Georgia on February 2, 2019.
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Michael Rubin’s Fanatics has raised $1.5 Billion in new financing. This round values the company as a $27B sports apparel business. It was founded in 1995. most recently valued at $18 billionLess than one year ago
The latest round of funding includes existing investors as well as new investors Fidelity and BlackRock. The investmentWall Street Journal reported it first. CNBC received confirmation from a source privy to the details.
Fanatics’ representative declined to comment.
Rubin was co-owners of both the Philadelphia 76ers (and New Jersey Devils) and founded the Jacksonville-based business in Florida in 2011. That same year, he sold a sports e-commerce business to eBay for $2.4 billion, bought back parts of it and acquired Fanatics — which back then was a two-store retail operation. Fanatics is now able to sell official jerseys and caps through exclusive licensing agreements.
The company had a successful year earlier. acquired Topps trading cards for $500 million. After a round of $350 million funding in September, Fanatics’ trading cards entity has been valued at $10 Billion. Rubin extolled Topps’ iconic status in a statement declaring the decision.
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