Michael Rubin’s Fanatics sportswear empire will now be home to one of Philadelphia’s oldest clothing brands.

The Sixers co-owner’s sporting goods company and a team of celebrity investors have acquired vintage sportswear brand Mitchell & Ness for $250 million, according to The New York Times.

The celebrity cast includes rappers Meek Mill, Jay-Z and Lil Baby, businessman Maverick Carter and social media influencers from the D’Amelio family. Fanatics will own 75% of the company, while other investors will combine to own 25%.

The deal will integrate Mitchell & Ness’ activewear and casualwear portfolio into Fanatics’ existing platform as part of an effort to increase the former’s global reach, expand product offerings and acquire more license rights.

Mitchell & Ness will continue to operate as a separate brand within the Fanatics business division. All 132 Mitchell & Ness employees, including those based in its hometown of Philadelphia, are expected to be retained.

“Mitchell & Ness is an iconic and pioneering brand in our industry. I am extremely pleased that Fanatics is partnering with this incredible group of innovative owners to build on the company’s already strong businesses that have kept the brand culturally relevant. for over 100 years,” Rubin said in a statement provided to Billboard. “Growing up in Philadelphia, we considered Mitchell & Ness a proud sign, and I truly believe this legendary brand knows no bounds.”

Mitchell & Ness was founded in 1904 by Frank Mitchell and Charles Ness and had its first retail business arch street store. The company began as a manufacturer of sports equipment, stringing tennis racquets and creating custom golf clubs.

In 1925, Mitchell & Ness expanded into making uniforms for high school, college, and semi-professional teams in Philadelphia and the surrounding area.

The company began manufacturing infield jerseys for the Eagles when the franchise was founded in 1933 and continued to do so until 1963. In 1938 the company expanded into professional baseball and began to making Philadelphia Athletics and Phillies uniforms.

Mitchell & Ness then turned to creating vintage jerseys and sportswear in the 1980s. In addition to its authentic uniforms, the brand has become synonymous with street fashion and hats. The company has apparel agreements with the NBA, NFL, MLB, MLS and a number of NCAA schools.

The company was purchased by Adidas in 2007, which it then sold to Juggernaut Capital Partners in 2016 for around $50 million, according to the New York Post.

Mitchell & Ness has seen its revenue triple since purchasing Juggernaut. Last year, the company made $350 million in revenue, with a profit of $70 million.

CEO Kevin Wulff told the Philadelphia Business Journal last year that the company was looking to expand its physical locations in the United States and around the world. The flagship retail store currently sits along Walnut Street in the city center.

Fanatics’ deal to acquire Mitchell & Ness comes as the sportswear giant continues to expand rapidly. The company bought Topps trading cards last month after signing a number of exclusive billion-dollar deals with the MLB, NBA and NFL last year to become the dominant brand in the trading card market. sports cards.

Fanatics bought sportswear retailer and manufacturer Majestic Athletic in 2017 after Rubin’s company became an exclusive distributor of MLB apparel. It now operates the e-commerce websites of the NBA, NFL, MLB and other major professional sports leagues.

Rubin and Jay-Z, a Fanatics investor himself, also teamed up to form Fanatics Sportsbook and push the brand into the sports betting market. Rubin, Meek Mill and Jay-Z started the REFORM Alliance, a nonprofit criminal justice reform organization that focuses on parole and probation laws.

Founded in 1995 as a physical store in Jacksonville, Florida, Fanatics was recently valued at $18 billion.