LeBron James, Kevin Durant become latest investors in athletic apparel company Mitchell & Ness
The company hopes the latest influx of investment from athletes and celebrities will enhance its future collaborations
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LeBron James, Kevin Durant, and a long list of other star NBA players and other well-known individuals are among the newest Mitchell & Ness investors.
The Philadelphia-based sportswear and apparel company is known for its large collection of replica vintage apparel.
Joel Embiid, Devin Booker, Chris Paul, Odell Beckham Jr., James Harden, Klutch Sports Group founder Rich Paul, and Kevin Hart now make up the company's ownership group with James and Durant.
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LeBron James #23 of the Los Angeles Lakers speaks to Kevin Durant #35 of the Golden State Warriors during a timeout in the first half at Staples Center on April 4, 2019 in Los Angeles, California. (Yong Teck Lim/Getty Images / Getty Images)
Mitchell & Ness was purchased by another group of investors in February. Rapper and businessman Jay-Z and hip-hop artist Lil Baby were a part of that ownership group.
Billionaire Micheal Rubin made the announcement in a tweet Wednesday.
Rubin's company Fanatics took control interest of Mitchell & Ness in that deal. At the close of the deal, Fanatics held a 75% stake in the company, while the investor group took the remaining 35%.
Mitchell & Ness received a $250 million valuation at the time of the deal.
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Joel Embiid #21 and James Harden #1 of the Philadelphia 76ers talk during the fourth quarter against the Cleveland Cavaliers at Rocket Mortgage Fieldhouse on April 3, 2022 in Cleveland, Ohio. The 76ers defeated the Cavaliers 112-108. (Jason Miller/Getty Images / Getty Images)
These new investors, led by some of the NBA’s biggest stars, will help the company with its future collaborations, capsule collections and other creative endeavors.
Mitchell & Ness successfully acquired the rights to all 32 National Hockey League teams. The company now has the green light to design products specially geared towards the NHL.
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Los Angeles Lakers forward LeBron James (6) exults while leading his team on a second half run against the Detroit Pistons at Staples Center. (Robert Gauthier/Los Angeles Times via Getty Images / Getty Images)
Fanatics also acquired trading cards company Topps earlier this year.
Fanatics CEO Michael Rubin recently divested his share of the Philadelphia 76ers and the New Jersey Devils.
Rubin owned a 10% stake in the holding company Harris Blitzer Sports & Entertainment, which owns the franchises. Fanatics new athlete deals and new gambling and betting division interferes with the leagues’ team ownership rules.
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David Adelman, chairman of 76 Devcorp, a real estate development company, reportedly purchased a substantial share of Rubin’s stake in both franchises.
Adelman’s 76 Devcorp is hoping to eventually build a new 76ers arena in downtown Philadelphia. Currently, all four of Philadelphia's major professional sports teams stadiums and arena share a complex in South Philadelphia.