Jay-Z, Lil Baby, Meek Mill, and Michael Rubin have acquired ownership of the iconic Mitchell & Ness brand.
Jay-Z‘s dabbling in the sports world is taking a different turn as the rapper invests in the sports collectibles industry with a large financial injection. The rapper is capitalizing on the business of sports jerseys which has had an influence on the hip hop industry through street style fashion.
The move sees the group of rappers acquiring Philadelphia-based company Mitchell & Ness, which is well known for its sports shirts and vintage jerseys promoted by rappers and loyal fans.
The details of the deal are that Philadelphia 76ers owner Michael Rubin has acquired the Mitchell & Ness with his company Fanatics, and the deal is backed by JAY-Z, Meek Mill, Lil Baby, and others. The deal is estimated to be $250 million, Complex has revealed.
What this means is that Fanatics now has a 75-percent ownership stake in the iconic brand while the other 25 percent is owned by LeBron James’ longtime business partner Maverick Carter, the D’Amelio family (Charli, Dixie, Marc, and Heidi), and others.
Jay-Z said the acquisition heralds a new era for the iconic brand.
“Fashion is cyclical, but classics are forever. Mitchell & Ness is a true classic,” the rap mogul said in a statement sent to the media. “I was an early adopter of this brand, as well as a part of a departure from athletic wear. 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.”
Meanwhile, Meek Mill, who is also a Philly native and a longtime Michael Rubin collaborator and close friend, announced the deal on his Instagram account. The rapper spoke about his growth from a rapper into a businessman.
“I used to want a throwback sooooooooo bad!!!!! Now we owning ‘MITCHELL AND NESS’ I need a baseball jacket asappppppp!!!! The whole hood seeing me step by step become a BOSS STEP BY STEP! #MOTIVATION,” he said.