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Jax Daily Record Wednesday, Mar. 2, 202206:50 PM EST

Report: Fanatics Inc. raises $1.5 billion from a new investor group

The value of the company is now $27 billion, The Wall Street Journal says.
by: Mark Basch Contributing Writer

Jacksonville-based sports merchandising firm Fanatics Inc. raised $1.5 billion from a new group of investors that pushed the value of the company to $27 billion, according to March 2 report by The Wall Street Journal.

The company was valued at $18 billion in mid-2021 but continues to attract new investors and expand its operations.

In the past two months, it bought the trading card business of Topps Inc. and a 75% interest in vintage sports jersey firm Mitchell & Ness.

The $1.5 billion investment came from a group including Fidelity Management & Research Co., funds managed by BlackRock Inc. and a company controlled by Dell Technologies founder Michael Dell, the Journal reported.

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.

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