LeBron James, Devin Booker, Kevin Hart Set to Join Hands for Lifestyle Brand Which Already Includes Billionaire Jay-Z’s Big Investment

LeBron James, the Los Angeles Lakers superstar is not one to stop his accomplishments on the basketball court. In fact, King James prefers to go well beyond it. The four-time NBA champion was officially declared a billionaire in 2022, during the 19th season of his career. The Basketball superstar’s businesses are well-known and he officially added one more to his ownership basket. His business decisions are separate from what he does on-court as the NBA superstar has his hands in all kinds of baskets.

Recently, the 18-time All-Star joined forces with other NBA superstars and celebrities to be a part of a company that has superstar rappers like Jay-Z and Meek Mill already on its ownership list.

LeBron James invest in Fanatics’ lifestyle brand Mitchell & Ness

LeBron James, Kevin Durant, Chris Paul, and Kevin Hart, among others are now officially going to be a part of ‘Mitchell and Ness’. Many athletes were interested in the deal because the said company is known for streetwear and replica jerseys.

Fanatics bought the majority stake of the brand in February 2022, owning a 75% stake in the business. Rappers Meek Mill and Jay-Z, among others were owners of the remaining stake.

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The current deal including the Los Angeles Lakers legend valued ‘Mitchell and Ness’ at $250 million. Interest in such companies has increased as there is a huge growth in the business of sports merchandising. 

There was a $27 Billion valuation of Fanatics in March 2022. Also, $27.3 Billion is the projected business that Global Sports Merchandising will hit by 2026.

Mitchell & Ness was established in 1904 in Philadelphia. The brand sells all kinds of sports apparel and jerseys, especially of the major North American leagues.

All of this made sense in pushing so many huge sports stars to combine together. Both the existing majority holders as well as the additional celebrities have good things to expect out of this deal. Fanatics have star power with millions of followers by their side and celebrities have access to a huge potential business.

LeBron’s businesses

The Lakers superstar owns sports, entertainment,  pizza, and even a fan engagement company. These address different sectors and have the potential to break through via many avenues.

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Additionally, James’ ‘lifetime deal’ with Nike is over $1 Billion dollars, as reported by Emmet Knowlton in 2016, making it a deal seldom heard in sports history.