Kevin Durant has joined LeBron James, James Harden, Joel Embiid, Chris Paul, Devin Booker, Rich Paul, Odell Beckham Jr., and Kevin Hart in a new investment — the venerable Mitchell and Ness brand of sports merchandise.
As The Athletic and Sportico report, the group was recruited by Michael Rubin, who bought Mitchell and Ness last year for his growing Fanatics empire.
Per Mike Vorkunov the The Athletic, KD, LeBron et al are part of a second round of investors Rubin has brought in:
This comes months after Fanatics and another group of famous investors bought Mitchell & Ness in February. That group includes Jay-Z and Lil’ Baby, among others. Fanatics took ownership of 75 percent of the company in that deal, which valued Mitchell & Ness at $250 million, while the investor group took the other 25 percent.
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.
Rubin sold off his 10 percent ownership in the 76ers, New Jersey Devils and Prudential Center earlier this year, focusing now on Fanatics which he hopes can ultimately be a one-stop shop for every sports needs. He bought another great sports brand, Topps, the trading card company, earlier this year.
For Durant, it’s the latest investment in sports-related business. He already owns a piece of the Philadelphia Union of the MLS and this week announced his entry into professional pickle ball.
- LeBron James, Kevin Durant among new investors in Mitchell & Ness - Mike Vorkunov - The Athletic