BIG BUSINESS: Jay-Z, Meek Mill, Lil Baby, Fanatics CEO Michael Rubin & Maverick Carter Join Forces To Acquire Jersey Maker, Mitchell & Ness

Big money moves are being made by rappers in the sports/fashion world. Jay-Z, Meek Mill, and Lil Baby have teamed up with Fanatics CEO Michael Rubin and Maverick Carter (LeBron James' business partner) to acquire authentic jersey maker Mitchell & Ness for $250 million. Deets on the big business deal inside…

Big Bags! Hip Hop mogul Jay-Z is teaching the rap generation coming up behind him about investing, while making sure to add to his growing empire along the way.

Today, it was announced Hov teamed up with rappers Meek Mill & Lil Baby, LeBron James’ business partner Maverick Carter, Fanatics CEO Michael Rubin, and the D’Amelio family (Charli and Dixie D’Amelio and their mom and dad Marc and Heidi) have officially acquired lifestyle brand Mitchell & Ness - known for its authentic jersey and streetwear - from former owner Juggernaut Capital Partners. It’s reported the deal is worth $250 million!

“Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. 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.”

 

"It's really a very culturally relevant, cool brand that makes high end merchandise. It really is a new category for @Fanatics," says @michaelrubin on acquisition of Mitchell & Ness. "We are going to bring more licenses to it. We are going to expand the market." pic.twitter.com/xlENev7rqM

— Squawk Box (@SquawkCNBC) February 18, 2022

 

"Mitchell & Ness is an iconic brand and pioneer within our industry. 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. 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,” Fanatics CEO Michael Rubin said in a statement.

Billboard reports:

Mitchell & Ness will continue operating as a separate, distinct brand within the Fanatics Commerce division. Powerhouse company Baird was the sole financial adviser for Mitchell & Ness throughout the new acquisition.

The deal aims to advance the licensed sports industry by merging Mitchell & Ness’ business model with Fanatics’ platform and global reach. The diverse team of co-owners intends to increase Mitchell & Ness’ international scope, expand product portfolio and gain new entertainment, league and college rights.

As part of the deal, current Mitchell & Ness CEO Kevin Wulff will assume the same position and report directly to Joe Bozich, president of Fanatics Brands. Additionally, all 132 Mitchell & Ness employees located in Philadelphia and Irvine, Calif. (plus select international markets) will immediately be transitioned as Fanatics employees without relocating.

We're happy to see employees get to keep their jobs, especially during these uncertain times. 

According to a source, Fanatics will own 75% of the company while the other investors will own 25% of the company combined.

 

Investors also include rapper Lil Baby, and the TikTok-famous D’Amelio family. The group is paying $250 million, according to someone familiar with the terms. @Fanatics will own 75% of the company, the other investors will combine to own 25%. https://t.co/KnAUJkp6bt

— Sportico (@Sportico) February 18, 2022

As for the reactions to the deal...

 

Before mike Rubin I never got put on to any business deals by the og’s from our culture …. I’m on my like my 5th big one! Why is it like that? Not sponsors ownership! Ima change that if when I really get the power too to help the younger generation!!!!!

— Meek Mill (@MeekMill) February 18, 2022

 

Meek hopped on Twitter to talk about how his relationship with Mike Rubin helped him land business deals with Hip Hop vets.

"Before mike Rubin I never got put on to any business deals by the og’s from our culture …. I’m on my like my 5th big one! Why is it like that? Not sponsors ownership! Ima change that if when I really get the power too to help the younger generation!!!!!," Meek tweeted.

Interesting.

 

DREAMER x Mitchell & Ness x NBA jerseys available now at https://t.co/We2c12Ag7e and https://t.co/oq8j3EguiH pic.twitter.com/VMYDEDGRx1

— J. Cole (@JColeNC) February 18, 2022

 

This merger only deepens the rap and sports connection, especially with Hov’s Roc Nation Sports agency and his NFL partnership. It’s refreshing to see rappers spend their millions on lucrative investments, which will continue to elevate Hip Hop.

Photo: Instagram 

source: theybf