Throwback sports jerseys have been a staple in Hip Hop for some time now, with Philadelphia-based company Mitchell & Ness suiting up rappers and fans alike with the illest vintage jerseys. Now, they’re getting a major boost to their brand.
On Friday (February 18), Philadelphia 76ers owner Michael Rubin’s Fanatics company purchased Mitchell & Ness along with JAY-Z, Meek Mill, Lil Baby, and others for an estimated $250 million, according to Complex.
The deal sees Fanatics acquiring a 75-percent ownership stake in the iconic brand, which was previously owned by Juggernaut Capital Partners. The remaining 25 percent is being shared among the other involved parties, which also includes LeBron James’ longtime business partner Maverick Carter and the TikTok-famous D’Amelio family (Charli, Dixie, Marc and Heidi).
Jay Z, Lil Baby, Meek Mill, & 76ers owner Michael Rubin have teamed up to purchase the iconic Mitchell & Ness company for $250 million🔥 pic.twitter.com/1g1KtKfMmw
— My Mixtapez (@mymixtapez) February 18, 2022
Fortunately for longtime fans, not much will change for Mitchell & Ness as Fanatics plans to keep it a separate entity within the Fanatics Commerce network. Michael Rubin’s company is looking to combine Mitchell & Ness’ business model with their platform, including a product portfolio expansion and increased worldwide brand recognition.
Mitchell & Ness CEO Kevin Wulff will keep his role while reporting to Joe Bozich, President of Fanatics Brands.
“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.”
