LeBron James, Kevin Durant, and a long list of other star NBA players and other well-known individuals are among the newest Mitchell & Ness investors.
The Philadelphia-based sportswear and apparel company is known for its large collection of replica vintage apparel.
Joel Embiid, Devin Booker, Chris Paul, Odell Beckham Jr., James Harden, Klutch Sports Group founder Rich Paul, and Kevin Hart now make up the company's ownership group with James and Durant.
Mitchell & Ness was purchased by another group of investors in February. Rapper and businessman Jay-Z and hip-hop artist Lil Baby were a part of that ownership group.
Billionaire Micheal Rubin made the announcement in a tweet Wednesday.
Rubin's company Fanatics took control interest of Mitchell & Ness in that deal. At the close of the deal, Fanatics held a 75% stake in the company, while the investor group took the remaining 35%.
Mitchell & Ness received a $250 million valuation at the time of the deal.
These new investors, led by some of the NBA’s biggest stars, will help the company with its future collaborations, capsule collections and other creative endeavors.
Mitchell & Ness successfully acquired the rights to all 32 National Hockey League teams. The company now has the green light to design products specially geared towards the NHL.
Fanatics also acquired trading cards company Topps earlier this year.
Fanatics CEO Michael Rubin recently divested his share of the Philadelphia 76ers and the New Jersey Devils.
Rubin owned a 10% stake in the holding company Harris Blitzer Sports & Entertainment, which owns the franchises. Fanatics new athlete deals and new gambling and betting division interferes with the leagues’ team ownership rules.
David Adelman, chairman of 76 Devcorp, a real estate development company, reportedly purchased a substantial share of Rubin’s stake in both franchises.
Adelman’s 76 Devcorp is hoping to eventually build a new 76ers arena in downtown Philadelphia. Currently, all four of Philadelphia's major professional sports teams stadiums and arena share a complex in South Philadelphia.