Fanatics, Inc.

Michael G. Rubin is the CEO of Fanatics.[8] In 1998, Rubin created an apparel and logistics company, Global Sports Incorporated, which would later turn into GSI Commerce, a multibillion-dollar e-commerce company.[9]

In 2011, Rubin acquired Fanatics from its founders, brothers Alan and Mitchell Trager; the Florida-based sports retailer had an e-commerce presence across college and professional teams, and the new assets merged into GSI.[10]

Rubin sold GSI to eBay later that year for $2.4 billion and bought back the sports e-commerce business, which included online stores for all North American sports leagues along with hundreds of teams and colleges, keeping the name Fanatics, Inc for the new company moving forward.[11]

In April 2012, Fanatics raised $150 million from Insight Venture Partners and Andreessen Horowitz and acquired its Florida-based rival Dreams, Inc. for $158 million in cash and $25 million in debt.[12] This move added the brands Fans Edge and Mounted Memories, which was rebranded as Fanatics Authentic division.[13]

Rubin’s vision was to differentiate Fanatics by serving the real-time expectations of global sports fans and partners.[10][11] In 2014, Doug Mack was appointed CEO and Fanatics opened a Bay Area office to tap into the Silicon Valley tech talent pool.[14][15] Mack helped Fanatics move from a domestic e-commerce business to a mobile-first, direct-to-consumer brand with its own manufacturing capabilities.[16][17] Priorities such as real-time manufacturing, data, and technology, would guide the company’s innovative vertical commerce (v-commerce) model.[17][18]

In 2015, Fanatics raised $300 million from Silver Lake Partners and in early 2016 the company acquired UK-based internet retailer Kitbag to accelerate focus around international expansion and global soccer.[19][20]

In April 2017, Fanatics bought sportswear and merchandise manufacturer and MLB uniform provider Majestic Athletic from VF Corporation in an effort to add to the company’s growing vertical manufacturing capabilities. Nike Inc. would eventually take over as MLB’s official on-field uniform partner, with Fanatics using the existing facilities acquired during the Majestic acquisition to now make Nike MLB uniforms.[21]

In September 2017, Fanatics closed a $1 billion round of fundraising led by Softbank, with participation from the NFL, MLB, NHL, MLS and NFLPA. As of that year, Fanatics was expected to produce $2.2 billion in annual revenue.[22] The next month, Fanatics acquired Fermata Partners to transform the college licensed sports business and a new Fanatics College division was formed.[23]

In the following two years, Fanatics announced 10-year deals with Nike, the National Football League and Major League Baseball that granted Fanatics the rights to design, manufacture and distribute all Nike fan gear sold at retail for both leagues.[24]

At the onset of the pandemic in early 2020, Fanatics and MLB halted production of MLB jerseys to manufacture masks and gowns for emergency personnel battling COVID-19.[25] Using the exact same material that was previously used to make Yankees, Red Sox, Phillies and all other MLB jerseys, that fabric was instead used to make more than one million masks and gowns that were eventually shipped to more than a dozen states.[26][27][28]

In April 2020, Michael Rubin—with the help of Fanatics employees around the world—launched the ALL IN Challenge, one of the largest digital fundraisers in history.[29] The celebrity and athlete driven ALL IN Challenge exploded on social media and raised $60 million dollars to provide nearly 300 million meals for Feeding America, Meals on Wheels, No Kid Hungry, and World Central Kitchen.[30][31][32] Also in 2020, Fanatics established the All-In Challenge Foundation, which will continue to serve as the philanthropic arm of the company.

In August 2020, the company secured $350 million Series E funding raising Fanatics’ valuation to $6.2 billion.[33][34] Using the new funds, Fanatics purchased assets from Vetta Brands, including leading collegiate headwear producer Top of the World. This acquisition saved more than 200 jobs and added significant headwear scale and capabilities.[35][36] In December 2020, Fanatics acquired WinCraft, the preeminent licensed hardgoods and promotional products company, which increased the company’s presence with non-apparel merchandise.[37]

In March 2021, Fanatics secured a $320 million funding round,[38] followed by another $325 million in August 2021 that brought the company's valuation to $18 billion as of September 2021. During the latter funding round, Fanatics also announced plans to evolve into a global digital sports platform through expansion into new verticals, including NFTs, trading cards, gambling and gaming, ticketing, media and more. With the move, Rubin assumed the new role of CEO of the larger Fanatics company, with Doug Mack remaining CEO of Fanatics Commerce and serving as Vice Chairman of the broader business.

In May 2021, Rubin co-founded the digital collectibles company Candy Digital with Mike Novogratz and Gary Vaynerchuk. [39] Candy Digital secured an exclusive, long-term agreement with MLB as its first content partner.[40] Later that year, Candy Digital received $100 million financing round, valuing the company at $1.5 billion. The round was led by Insight Partners and SoftBank Vision Fund2, and included NFL Hall of Famer Peyton Manning, Connect Ventures and Will Ventures.[41] In January 2022 it was reported that Fanatics was divesting its 60% stake in Candy Digital.[42]

In August 2021, Fanatics secured long-term Trading Cards manufacturing and distribution rights from MLB, MLBPA, NBA, NBPA and NFLPA,[43][44][45][46] starting 2026.[45][43] A month later, Fanatics Collectibles, Fanatics’ new trading cards and collectibles business, secured a $350 million Series A round at $10.4 billion valuation.[47] Fanatics acquired Topps, the preeminent licensed trading card brand that has serviced collectors, fans and retailers for more than 70 years, in early 2022.[48] As part of the deal, approximately 350 global Topps sports and entertainment employees joined Fanatics and the brand will continue to operate under Fanatics Collectibles.

In February 2022, Fanatics, along with some names in sports, entertainment and culture, acquired lifestyle and streetwear brand Mitchell & Ness from Juggernaut Capital Partners.[49] Mitchell & Ness will continue to operate as a separate, distinct brand within the Fanatics Commerce division.[50] In April 2022, Fanatics announced a $1.5 billion fundraising round which brought the company’s most recent valuation to $27 billion. More than half of the money raised came from strategic partners, including sports leagues, players’ associations, and team owners, with the single biggest investor being the NFL.[51]

In May 2023, Fanatics agreed [52] a deal to buy PointsBet’s US business in an acquisition worth $150 million and marking the sports giant’s first major leap into U.S. sports betting. In June 2023, it increased the offer to $225 million in an effort to outbid DraftKings after that company made a competing bid of $195 million.[53]

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