Fanatics has reached a valuation of US$27 billion

Sources close to the matter say that Fanatics has raised an additional US$1.5 billion. This was in order to expand beyond its core licensed sports merchandise business. In addition to BlackRock, Fidelity, and Michael Dell’s MSD Capital. The investment firm BlackRock will invest a total of US$27 billion in the platform. As part of the new financing, first reported by the Wall Street Journal (WSJ). A number of investors have previously invested in the company, including Silver Lake, Jay-Z, and his Roc Nation company, Japanese conglomerate SoftBank, and Eldridge owner Todd Boehly.

It’s the biggest funding round in Fanatics’ history. The company, which is run by Michael Rubin, has been acquiring executives. And is setting up divisions related to trading cards, sports betting, and non-fungible token (NFT) trading. Furthermore, Fanatics’ valuation has more than doubled in the past 12 months compared to its March last year valuation of $12.8 billion. In the same time frame, Fanatics has built up a trading card business, which values at $10.48 billion earlier this year. As well as Candy Digital, its new NFT venture values at US$1.5 billion.

Fanatics’ growth

A recent US$18 billion valuation for Fanatics was published back in August. In addition, former FanDuel CEO Matt King is now in charge of running the company’s sports betting and online gaming division. Tucker Kain, formerly of the Los Angeles Dodgers, will oversee Fanatics’ growth into new verticals.

Recent news comes just months after it announced it would acquire trading card giant Topps for US$500 million. The move follows Fanatics’ acquisition of lifestyle brand Mitchell & Ness from private equity firm Juggernaut Capital Partners. The New York Post reports that Rubin will eventually take Fanatics public, but that it is not taking place until next year.

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