Previously, media reports claimed the funding round valued Fanatics at $27 billion.

Fanatics, the giant sports platform that has merchandise deals with NFL, NHL, NBA, MLB and colleges and universities, has raised $1.5 billion in a funding round led by the NFL, other major sports leagues, players unions and team owners. With a reported valuation of $27 billion, Fanatics now ranks 12^th in the list of the world’s most valuable private companies as compiled by CB Insights. (CNBC)

In August 2020, the platform raised money at a valuation of $6.2 billion, though additional funding rounds have followed. That means its worth has increased more than four times within the space of about 20 months.

The NFL chipped in the largest amount of $320 million in the latest funding. Also investing, and increasing their equity in Fanatics, were the NFLPA, MLB, MLBPA and NHL. New backers coming on board were the Qatar Investment Authority, the sovereign wealth fund, and Blue Pool Capital, an investment firm backed by Alibaba co-founder and Brooklyn Nets owner Joe Tsai.

Michael Rubin founded Fanatics in 2011, and it has since become the world’s largest seller of sports merchandise. It added trading cards to its repertoire when it acquired Topps trading cards earlier this year for $500 million. According to TechCrunch, the company is likely to reach a massive $5 billion in revenue this year.

“This investment not only reflects our experience having worked with Michael [Rubin] and the team at Fanatics for a number of years but our belief that the company is building a business that is new, unique and valuable,” Brian Rolapp, the NFL’s chief media and business officer, told CNBC.

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Image credit: Fanatics