Michael Rubin’s Fanatics, which is an American online sports retailer, was valued at US$27bn on Wednesday following a successful US$1.5bn funding round.
The company, which was valued at US$18bn under a year ago, benefitted from new investors Fidelity, BlackRock Inc (NYSE:BLK), and MSD Partners in its latest round, according to the Wall Street Journal.
Fanatics earned exclusive licensing deals with the NFL, NHL, NHA, Major League Basketball, and plenty of colleges and universities to produce and sell sportswear, equipment, and merchandise.
The US-based company bought Topps trading cards for US$500mln in January, meaning its trading card entity was valued at US$10bn, CNBC said.
Rubin is the co-owner of the Philadelphia 76ers and New Jersey Devils.