Fanatics founder / executive Michael Rubin attended the Fanatics Super Bowl Party at the College Football Hall of Fame on February 2, 2019 in Atlanta, Georgia.
Mike Coppola | Getty Images
Michael Rubin’s Fanatics raised $ 1.5 billion in a new round of funding that the sports platform company values at $ 27 billion. The company recently valued it at $ 18 billion less than a year ago.
Its latest funding round includes new investors from Fidelity, BlackRock and Michael Dell’s MSD Partners, as well as existing investors. The investment was first reported by the Wall Street Journal. A source familiar with the deal confirmed the details to CNBC.
A fanatics representative declined to comment.
Rubin, the Philadelphia 76ers and co-owner of the New Jersey Devils, founded the Florida-based company in 2011 in Jacksonville, Florida. That same year, he sold a sports e-commerce business to eBay for $ 2.4 billion, bought and bought parts. Fanatics – then a two-store retail operation. Fanatics now has exclusive licenses to make and sell jerseys, caps, and other official teams with NFL, NHL, NBA, Major League Baseball and various colleges and universities.
Earlier this year, the company bought Topps trading cards for $ 500 million. Fanatics ’business card entity is valued at $ 10 trillion last September after a $ 350 million financing. Rubin described the Topps brand as iconic in a statement announcing the move.
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Fanatics raise $ 27 billion in new funding, adds BlackRock, Michael Dell
Source link Fanatics raise $ 27 billion in new funding, adds BlackRock, Michael Dell