SPORTING Fanatics outlet is teaming up with Jay Z and other celebrities to expand their company.
Jay Z became an investor in Fanatics in 2021 and will continue to work with them on their latest effort to acquire Mitchell Ness & Nostalgia Co.
Did Jay Z Buy Mitchell & Ness Nostalgia Co?
Jay Z has teamed up with a host of other celebrities to buy Mitchell & Ness Nostalgia Co alongside Fanatics in the latest efforts to expand Fanatics’ sports business empire.
The deal is being finalized for $250 million, in partnership with Fanatics, a sportswear company that will own a 75% stake in Mitchell & Ness.
Mitchell & Ness changed ownership several times with Adidas buying it in 2007. It was then sold to Juggernaut Capital in 2016.
Speaking of his involvement in the merger, Jay Z said in a statement, “I’m proud to play a small role in bringing it back and in some cases introducing the authenticity and quality of the new generation Mitchell & Ness brand.”
What is Mitchell & Ness Nostalgia Co?
Mitchell & Ness Nostalgia Co was founded in 1904 by Frank Mitchell, a former tennis and wrestling champion, and Charles Ness, a Scottish golfer.
The couple worked together to set up their first sporting goods store in Philadelphia, Pennsylvania.
Known today for selling vintage sportswear, over 100 years ago, Mitchell & Ness, they were known only as a small-town sports store that sold custom golf clubs and create unique uniforms for local soccer and baseball teams.
The company’s rise to prominence in the sports world came in 1938 when the Philadelphia Eagles asked to work with Mitchell & Ness to produce their jerseys.
Everything changed in 1985 when a local customer walked into Mitchell & Ness Sporting Goods and asked if they could repair the 1960 Pittsburgh Pirates vest and St. Louis Browns in 1949 or not.
Thus, the idea of classic sportswear was born and Mitchell & Ness became the Mitchell & Ness Nostalgia Co.
Why did Jay Z buy Mitchell & Ness Nostalgia Co?
Jay Z partnered with Fanatics on their sports betting endeavor and became an investor in the company in 2021 along with several others, allowing the sportswear company to raise $325 million.
Their new partnership to buy Mitchell & Ness Nostalgia Co will expand the growing Fanatics business and will add to its revenue.
Fanatics CEO Michael Rubin said in a statement, “I’m extremely pleased that Fanatics is partnering with this incredible group of creative owners to build on their already strong business. company strength.
“Growing up as children in Philadelphia, we consider Mitchell & Ness a symbol of pride and I truly believe that this legendary brand knows no bounds.”
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https://www.the-sun.com/news/4720485/jay-z-buying-mitchell-ness-nostalgia-co/ Did Jay Z Buy Mitchell & Ness Nostalgia Co?