According to a source familiar with the subject who spoke with CNBC, Fanatics recently conducted its second investor day in the span of nearly a year as the firm stealthily draws closer to an initial public offering.
According to the source, more than one hundred current and potential institutional investors from large companies like Goldman Sachs and Barclays attended the meeting on Tuesday at the offices of the NBA Players Association in New York to hear from Michael Rubin, the founder and CEO of Fanatics. On Zoom, an additional three hundred participants joined the meeting virtually.
Presentations were given by leaders from every department of the company, and they were followed by a question and answer period with the attendees.
According to a spokeswoman for Fanatics, the timetable for the company’s initial public offering has not been altered.
Additionally, investors were given a pleasant surprise in the form of a visit from football legend Tom Brady, who is also an investor in the company.
After giving a presentation to the investors on management and business, Brady received questions from those in attendance.
Rubin, a former co-owner of the Philadelphia 76ers and the New Jersey Devils, established Fanatics in 2011 in Florida. Fanatics is situated in Florida. It currently has exclusive license relationships with the National Football League, the National Hockey League, the Major League Baseball, as well as schools and universities, allowing it to produce and distribute official club products.
Rubin held a meet-and-greet with sell-side analysts back in November of last year and used the opportunity to discuss his expansion strategies for the company.
In addition, the firm announced in April that it would be recruiting Deborah Crawford from Meta to oversee investor relations, a role that was newly created at the company.
The global platform corporation Fanatics is currently estimated to be worth $31 billion. In the past couple of years, it has engaged in a number of acquisitions, which include the trading card company Topps and the clothing brand Mitchell & Ness. Additionally, it has experienced significant development.
The company has recently focused its attention on the sports betting industry, and in May it paid approximately $150 million to acquire the U.S. assets of PointsBet.