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Sports platform Fanatics valued at $27 bln in new funding round -sources

Written by corres2

March 2 (Reuters) – Fanatics has raised $1.5 billion in new financing, which now values the U.S. sports platform at $27 billion, sources familiar with the matter said on Wednesday.

Some of the investors in the latest round include BlackRock (BLK.N), Fidelity and Michael Dell’s private investment firm MSD Capital, the sources said.

The company was valued at $18 billion in August, when it raised $325 million from investors including SoftBank Group Corp’s (9984.T) Vision Fund.

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Fanatics is attempting to leverage its fan base to build a sports commerce powerhouse that operates gaming, sports betting and media business units on top of its retail operations.

Fanatics said in February the company, along with American rapper Jay-Z and other celebrities, acquired 118-year-old Mitchell & Ness, known for its jersey replicas and streetwear. read more

The deal came more than a month after Fanatics purchased the trading cards and collectibles business from Topps. read more

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Reporting by Krystal Hu in New York and Arunima Kumar in Bengaluru; Editing by Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.


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