Jacksonville-based Fanatics Inc. continued to expand its sports merchandise empire by leading an investment group that purchased vintage sports jersey firm Mitchell & Ness for $250 million.
Fanatics didn’t announce the deal but posted two stories on its website Feb. 18 by independent news organizations about the acquisition.
The Wall Street Journal reported Fanatics is buying a 75% interest in the company. Additional investors include music mogul Jay-Z, who invested in Fanatics in 2021.
Mitchell & Ness says on its website it began in 1904 as a sporting goods store in Philadelphia founded by Frank Mitchell and Charles Ness.
The business began specializing in vintage merchandise in 1985, it said.
The Journal said the company had $350 million in sales last year.
Brothers Alan and Mitchell Trager founded Fanatics in 1995 with a single store in the Orange Park Mall.
The Tragers sold the company in 2011 and it now is part of a Philadelphia-based holding company called Kynetic.
Financial news outlets reported last year that Fanatics has a total valuation of about $18 billion.