Michael Rubin Adds $1.1 Billion To Fortune On Fanatics’ $31 Billion Valuation

Topline

Private equity firm Clearlake Capital Group recently led a roughly $700 million funding round in sports apparel giant Fanatics valuing the company at $31 billion, a source with knowledge of the deal confirmed to Forbes on Tuesday, boosting founder and chairman Michael Rubin’s fortune to $11.3 billion.

Key Facts

Key Background

A Villanova University dropout, Rubin sold his e-commerce startup GSI Commerce for $2.4 billion to eBay in 2011, buying out the name Fanatics, a small sports merchandise retailer previously bought by GSI, in the transaction. Under Rubin’s leadership, Fanatics broadened its partnerships with sports teams and leagues and expanded past online apparel sales, recently acquiring trading card company Topps and apparel maker Mitchell & Ness. Investors in Fanatics include the NFL, MLB and NHL, as well as institutional investors. Rubin sold his 10% stake in Harris Blitzer Entertainment, owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, earlier this year as Fanatics prepares to launch its sports betting venture.

Forbes Valuations

Clearlake’s managing partners and cofounders Jose E. Feliciano and Behdad Eghbali are each worth $4.3 billion, per our calculations. The California-based Clearlake has more than $70 billion in assets under management, with its newly acquired Fanatics stake its latest high-profile push into sports, co-leading the $3.1 billion purchase of the Premier League club Chelsea earlier this year.

Further Reading

Fanatics Billionaire Michael Rubin’s Fortune Soars On Fan Demand For Jerseys (Forbes)

Fanatics Founder Michael Rubin Is Billions Of Dollars Richer After Company Scores $18 Billion Valuation (Forbes)

Campus Apartments CEO David Adelman Buys Piece Of Michael Rubin’s 10% Stake In Owner Of 76ers (Forbes)