Fanatics, Inc. raised $1.5 billion from a group of investors, including Fidelity Management & Research Co., managed by BlackRock, Inc. and Michael Dell’s family office (MSD Capital LP), valuing the company at $27 billion, according to a report from the Wall Street Journal.
In August 2021, Fanatics was valued at $18 billion in a $325 million funding round.
The WSJ article said the valuation would likely fuel speculation about a possible IPO for Fanatics. PE-firm Silver Lake is also a major investor.
Fanatics has invested in expanding beyond its core fan gear platform. Last fall it announced exclusive trading-card deals with the unions representing the players in Major League Baseball, the National Basketball Association and the National Football League, overturning its longstanding relationship with Topps Co. It also struck trading-card deals with the MLB and the NBA.
Earlier this year, the company acquired Topps trading cards for $500 million. Fanatics’ trading card entity is valued at $10 billion after a $350 million round of funding last September.
Fanatics also launched Candy Digital selling nonfungible tokens or NFTs. The business, which has dealt with the professional-sports leagues, was valued at $1.5 billion in October when it raised money from outside investors.
The company also owns half of the hat retailer Lids Sports Group, which it acquired in 2019 and, in February, acquired Mitchell & Ness.
Photo courtesy Fanatics
