Mitchell & Ness has officially appointed its next chief executive officer.

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....