LeBron James, Kevin Durant and many more NBA stars follow Jay-Z and Kevin Hart by joining Fanatics brand Mitchell & Ness as investors
Lebron James, Kevin Durant, and a boatload of other huge names have joined forces to make a massive investment in the popular lifestyle brand Mitchell & Ness.
Mitchell & Ness is owned by Fanatics CEO and former member of the Philadelphia 76ers and New Jersey Devils ownership group Michael Rubin. Rubin recently agreed to sell his stake in both teams to David Adelman.
According to Rubin, Fanatics’ new ownership group will now include LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, Odell Beckham Jr., Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun and Steve Stoute.
The also includes Jay-Z, who was an investor long before today’s announcement.
LeBron James answers questions after the game against the LA Clippers on October 20, 2022 at Crypto.Com Arena in Los Angeles, California.
Meek Mill and CEO of Fanatics and soon to be former Philadelphia 76ers co-owner Michael Rubin look on during the first half in Game Five of the Eastern Conference Semifinals between the Miami Heat and the Philadelphia 76ers.
Fanatics recently purchased 75 percent of the company in February, with Jay-Z and other investors taking control of the remaining stake in the company.
Mitchell & Ness was established in 1904 and has become well known for selling vintage jerseys and other sports apparel items.
The new investors plan to make the company more diverse, as well as keep it culturally relevant.
Kevin Durant #7 of the Brooklyn Nets looks on before the game against the New Orleans Pelicans on October 19, 2022 at Barclays Center in Brooklyn, New York.
According to Rubin, Mitchell & Ness have grown 30% since the takeover, and are now valued at a whopping $350 million.
‘We’re really excited to get people who are making culture to be owners and band together with us on this,’ Rubin told CNBC later Tuesday.
‘Athletes, celebrities and artists are sick of just getting checks, they want to make money from equity. They want to be partners in these businesses.’
For some of these athletes like James for example Mitchell & Ness is a brand that holds very close and dear to their hearts.
When James was only 16 years old, he saw a man wearing a Houston Oilers jersey and the two struck up a conversation about their love of Mitchell & Ness. That man ended up being Rich Paul who is now James’ agent and business partner.
Rich Paul (C) and LeBron James came to know each other due to a joint love of Mitchell & Ness
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