Lebron James, Kevin Durant, and several other prominent figures have collaborated to invest in the well-known lifestyle brand Mitchell & Ness. The brand is currently under the ownership of Michael Rubin, who is the CEO of Fanatics and a former part of the ownership groups of the Philadelphia 76ers and New Jersey Devils. Rubin recently sold his stake in both teams to David Adelman.
Rubin disclosed that the new ownership group of Fanatics will now feature 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. Additionally, the group will include Jay-Z, who was an investor in the company even before the recent announcement.
LeBron James responds to inquiries following the match against the LA Clippers on October 20, 2022, held at Crypto.Com Arena in Los Angeles, California.
Meek Mill and Fanatics’ CEO Michael Rubin were spotted at Game Five of the Eastern Conference Semifinals between the Miami Heat and Philadelphia 76ers. Rubin, who is also a soon-to-be former co-owner of the 76ers, recently acquired 75% of Fanatics in February. Jay-Z and other investors took over the remaining stake in the company.
Established in 1904, Mitchell & Ness is famous for its vintage jerseys and sports apparel items. The new investors aim to enhance the company’s diversity and cultural relevance. They have exciting plans ahead to keep the brand fresh and on-trend.
Before the Brooklyn Nets game against the New Orleans Pelicans on October 19, 2022, Kevin Durant #7 was seen observing at the Barclays Center in Brooklyn, New York. According to Rubin, Mitchell & Ness has experienced a 30% growth since the acquisition and is now valued at an impressive $350 million. “We’re thrilled to have influential individuals become owners and collaborate with us in this endeavor,” Rubin shared with CNBC. “Athletes, celebrities, and artists are no longer satisfied with just receiving paychecks; they want to earn money through ownership and become partners in these ventures.” For athletes like LeBron James, Mitchell & Ness holds a special place in their hearts. At the age of 16, James bonded with a man wearing a Houston Oilers jersey over their shared love for Mitchell & Ness. That man turned out to be Rich Paul, who is now James’ agent and business partner.
Rich Paul and LeBron James first crossed paths through their shared passion for Mitchell & Ness.
