Sports merchandise company Fanatics is now valued at $18 billion after investments from JAY-Z and Roc Nation among others. The company secured $325 million to start a new company within its current umbrella, CNBC reports.
Fanatics will focus on revenue streams outside of merchandising and will be lead by Michael Rubin as the chief executive officer. Fanatics is planning to make $3.4 billion in revenue this year, according to The Wall Street Journal.
Fanatics is now targeting sports gambling and expanded ticket models. The team has now added former Los Angeles Dodgers president Tucker Kain for chief strategy and growth officer and Matt King, the former CEO of Fan Duel.
For Hov, the investment continues after successful moves with Armand de Brignac and LVMH and Square.