Sports platform Fanatics valued at $27bn in new funding round

Fanatics has raised $1.5bn in new financing, which now values the U.S. sports platform at $27 billion, sources familiar with the matter said on Wednesday.

Some of the investors in the latest round include BlackRock , Fidelity and Michael Dell’s private investment firm MSD Capital, the sources said.

The company was valued at $18 billion in August, when it raised $325 million from investors including SoftBank Group Corp’s Vision Fund.

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Fanatics is attempting to leverage its fan base to build a sports commerce powerhouse that operates gaming, sports betting and media business units on top of its retail operations.

Fanatics said in February the company, along with American rapper Jay-Z and other celebrities, acquired 118-year-old Mitchell & Ness, known for its jersey replicas and streetwear.

The deal came more than a month after Fanatics purchased the trading cards and collectibles business from Topps.

Source: Reuters

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