Fanatics Adds SoftBank Partner, Airbnb Veteran to Its Board
(Bloomberg) -- Fanatics Inc. has added two new board members as it looks for acquisitions and expands beyond its core business of sports merchandise.
The company is bringing on Lydia Jett, who is head of global e-commerce at SoftBank Investment Advisers and the first woman to be a managing partner at the firm's private equity fund. SoftBank first invested in Fanatics in 2017.
Jonathan Mildenhall, a former Airbnb Inc. chief marketing officer who now runs a marketing consultancy, will also join the Fanatics board. He joins several other independent members on the 11-person board, including Gerald Storch, a former Hudson's Bay Co. chief executive officer; former WW International Inc. CEO Mindy Grossman; and NBA legend Earvin “Magic” Johnson, who now runs an investment firm.
“The deep expertise and insight that Lydia and Jonathan both bring to the board will be vital,” Fanatics CEO Michael Rubin said in a statement. Both will focus on “uncovering and amplifying opportunities” for growth.
Rubin has widened operations from the company's origins in licensed sportswear and collectibles, shaking up the trading-card industry by acquiring Topps Co. and working its way into sports betting.
Fanatics is seen as a possible IPO candidate and was last valued at $27 billion in March, when the company raised $1.5 billion in funding. Rubin said in April that the company would use the fresh capital to seek more deals.
©2022 Bloomberg L.P.
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