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Rick Ross is still aiming to accomplish his goal of becoming an owner of a pro sports team. Just a few weeks ago, Rozay expressed interest in purchasing a five percent stake in the Miami Dolphins. Should @MiamiDolphins sell me 5% stake in the organization? If so,what would the upside be for both sides or vice versa?? — Yung Rénzél 👑 (@RickRoss) June 6, 2022 Now, Ross has made it known that he wants dibs on purchasing a ten percent ownership stake in the Philadelphia 76ers in a comment via Instagram that read, “I’ll buy his 10% lol.” View this post on Instagram A post shared by 2Cool2Blog (@2cool2bl0g)
Fanatics, Michael Rubin’s online sports company, has brought together a star-studded group of investors to transport Mitchell & Ness into the present day. On Feb. 18, it was announced that the legendary sports goods brand had been acquired for $250 million, Sportico reports. The recent deal included investments from Jay-Z, Maverick Carter, Meek Mill, Lil Baby , and the D’Amelio family. The breakdown of the ownership is Fanatics takes 75 percent of Mitchell & Ness, while the other investors get 25 percent, according to The New York Times. Mitchell & Ness has previously been a staple in the clothing industry, especially for streetwear fashion. Just as brands such as Diddy’s Sean John are working to make a comeback, the investors are bringing new energy to the brand that’s been missing. “Fashion is cyclical, but classics are forever,” Jay-Z said in a statement. “Mitchell & Ness is a true classic. I was an early adopter of this brand, as well as a part of a departure from athletic wear....
When it comes to his latest investment, Jay-Z is betting it all and getting in on the sports gambling action. Page six reports that the billionaire business mogul is making a move to open a New York sportsbook in partnership with sports e-retailer Fanatics and has already made a bid with the New York State Gaming Commission. Documents show that both Jay-Z and the Fanatics group are bidding against some stiff competition that includes companies like FanDuel, DraftKings, Bally’s, BetMGM and Caesars Sportsbook. Additionally, the outlet reports that the new move will also reportedly have Jay-Z serve as vice chairman of Fanatics as well as on the board of directors of a new Fanatics Betting & Gaming entity. In association with the current bids, the rapper’s role as an executive was revealed in redacted documents released by the New York State Gaming Commission last week, but his name as a potential license holder was reportedly blocked out. Those same documents are also said to have...
Global online sports retailer Fanatics has reached a whopping valuation of $18 billion thanks to some big time investors. CNBC reports that the sports e-commerce merchandise company has secured an additional $325 million in its latest round of funding to help expand its online offerings. Some of its many investors include Jay-Z and the rapper’s entertainment company, Roc Nation. Other major investments in the platform come from companies like MLB, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment, and Insight Partners. According to The Wall Street Journal, Fanatics says that it expects to rake in $3.4 billion in revenue this year — a major increase from $2.6 billion in 2020 — and with its new valuation it may just reach that goal. For everyone involved, including Jay-Z, an investment in Michael Rubin’s Fanatics could mean supporting the future of sports merch as we know it beyond apparel and memorabilia. The company’s next move is to transform itself into a digital...