Fanatics, Inc.

Is Fanatics publicly traded?

No. Fanatics, Inc. is privately held, controlled by founder Michael Rubin. Private-market valuations have ranged between $25 billion and $35 billion, and Rubin has said there is no near-term IPO plan.

Who owns Fanatics?

Founder Michael Rubin owns roughly a third of the company and controls it as chairman and CEO. Major investors include Silver Lake, SoftBank, Fidelity, and the NFL and MLB leagues as strategic shareholders.

When was Fanatics founded?

Michael Rubin formed Fanatics, Inc. in 2011 after selling GSI Commerce to eBay and buying back its sports merchandise assets to start the new company.

Who is the CEO of Fanatics?

Michael Rubin is chairman and chief executive officer. Andrew Low Ah Kee has led the Fanatics Commerce division as its CEO since September 2023.

What does Fanatics own?

The company operates three verticals: Fanatics Commerce, Fanatics Collectibles (including Topps), and Fanatics Betting & Gaming, plus owned brands like Mitchell & Ness, Lids, and Fanatics Live.

What is Fanatics' annual revenue?

Fanatics generated approximately $13 billion in 2025 revenue, with Commerce contributing an estimated $7 billion, Collectibles the second-largest share, and Betting & Gaming approaching $1 billion.

Where is Fanatics headquartered?

The company is headquartered in Jacksonville, Florida, with major offices in New York, San Mateo, California, and international operations centered in London, Tokyo, and Munich.

Michael Rubin's path to Fanatics ran through GSI Commerce, the e-commerce provider he built and sold to eBay for $2.4 billion in 2011. As part of that deal, Rubin bought back GSI's sports assets, including the Fanatics online store, and formed Fanatics, Inc. in Jacksonville to build on them.

The company's strategy evolved from pure e-commerce to vertical integration. The 2017 acquisition of Majestic Athletic, the long-time MLB uniform supplier, gave it manufacturing capability for on-demand jersey production. Long-term licensing deals followed with the NFL, NBA, MLB, NHL, and other leagues, securing exclusive e-commerce and fan-apparel rights that formed the company's economic moat.

Retail expansion added physical reach: the 2019 Lids acquisition brought roughly 1,200 mall stores, and the 2022 Mitchell & Ness purchase added a heritage sportswear brand. In 2021, Rubin reorganized the company into the Commerce, Collectibles, and Betting & Gaming verticals, and the $500 million Topps trading card acquisition in 2022 anchored the collectibles arm.

Through 2023 to 2026, the company scaled its newer verticals while Commerce remained the profit engine. Fanatics Fest events, live shopping through Fanatics Live, and a multi-state sportsbook rollout diversified the platform. Private-market marks have valued the company between $25 billion and $35 billion, with Rubin consistently stating an IPO is not imminent.

Fanatics has announced recycled-material programs in league apparel lines and participates in league-level sustainability initiatives, but publishes no comprehensive standalone ESG report and holds no B Corp certification.

Manufacturing through owned and contracted Central American and Asian facilities creates supply-chain labor exposure. A 2019 report documented working-condition concerns at a contracted El Salvador factory producing league apparel, which the company addressed through supplier remediation.

Philanthropy runs through Rubin's personal and company initiatives, including disaster relief fundraising through league partnerships, though these operate outside a formal corporate foundation structure.

Fanatics' most persistent public criticism centers on product quality and service: consumer complaints about jersey and apparel quality, including Nike-branded goods it manufactures, generated viral coverage in 2023 and 2024 and prompted MLB and Nike to adjust jersey specifications after fan backlash.

The exclusivity model itself draws criticism: some fans and commentators argue that league-wide licensing deals reduce competition, consolidate the market, and raise prices for fan gear, a structural critique that follows the company's growth.

Labor issues have included the 2019 El Salvador factory report on contractor conditions, and the company has faced periodic workplace and discrimination claims typical of a 20,000-plus employee business. On the regulatory side, its betting expansion brings state-by-state gaming licensing scrutiny as a new market entrant.