Is Jay Z buying Mitchell & Ness Nostalgia Co?
SPORTING goods store Fanatics is teaming up with Jay Z and other celebrities to expand their company.
Jay Z became an investor in Fanatics in 2021 and will continue to work with them in their newest endeavor to acquire Mitchell Ness & Nostalgia Co.
Did Jay Z buy Mitchell & Ness Nostalgia Co?
Jay Z has teamed up with a host of other celebrities to buy Mitchell & Ness Nostalgia Co alongside Fanatics in the latest efforts to expand Fanatics' sports merchandising empire.
According to , the deal is being finalized for $250million, in partnership with Fanatics, a sportswear company that will own 75 percent of Mitchell & Ness.
Jay Z will also be joined by rapper Meek Mill, LeBron James' business partner, Maverick Carter, and the D’Amelio family of TikTok fame.
Mitchell & Ness has changed ownership several times with Adidas having purchased it in 2007. It was later sold to Juggernaut Capital in 2016.
Speaking on his involvement in the purchasing merger, Jay Z said in a statement, "I'm proud to play a small role in bringing it back and, in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.”
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What is Mitchell & Ness Nostalgia Co?
Mitchell & Ness Nostalgia Co was founded in 1904 by Frank Mitchell, a former tennis and wrestling champion, and Charles Ness, a Scottish golfer.
The pair worked together to set up their first sporting goods store in Philadelphia, Pennsylvania.
Known today for selling vintage sports apparel, more than 100 years ago, Mitchell & Ness they were known only as a small-town sports store that sold custom-made golf clubs and created custom uniforms for local football and baseball teams.
The company's rise in the sporting world came in 1938 when the Philadelphia Eagles requested a partnership for Mitchell & Ness to make their jerseys.
Everything changed in 1985 when a local customer entered the Mitchell & Ness Sporting Goods and requested if they could repair their 1960s Pittsburgh Pirates vest and his 1949 St. Louis Browns jersey.
Thus the idea for vintage sporting apparel was born, and Mitchell & Ness became Mitchell & Ness Nostalgia Co.
Why did Jay Z buy Mitchell & Ness Nostalgia Co?
According to , Jay Z has partnered with Fanatics on their sports betting efforts and became an investor in the company in 2021 alongside several others, allowing the sporting goods company to raise $325million.
Their new partnership to buy Mitchell & Ness Nostalgia Co will expand Fanatics already growing business and will add to its revenue.
Fanatics CEO Michael Rubin said in a statement, "I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business.
"Growing up as a kid in Philadelphia we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”
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