Mitchell & Ness sold to 76ers co-owner Michael Rubin, Jay-Z, Meek Mill and others

PHILADELPHIA (WPVI) -- Stars are teaming up to buy an iconic Philadelphia sportswear company.

The sports merchandise retailer Fanatics along with music mogul Jay Z, Philly's own Meek Mill, and several more famous names are purchasing Mitchell & Ness.

Other investors involved in the sale include entrepreneur Maverick Carter, rapper Lil Baby, and TikTok stars the D'Amelio family.

The New York Times, WWD, Billboard and other media outlets confirmed the deal Friday.

Fanatics was founded by Michael Rubin, who is also a co-owner of the Philadelphia 76ers.

All 132 Mitchell & Ness employees will keep their jobs, according to Rubin.

"Honored to partner with this incredible team of owners on buying @mitchellandness! Can't wait to take what's already an iconic brand and make it even bigger! Also excited to welcome all 132 M&N employees to the @Fanatics family," Rubin tweeted.

Mitchell & Ness, the sportswear company known for its nostalgic apparel, got its start in 1904 in Philadelphia. Frank Mitchell and Charles Ness opened their original sporting goods store on Arch Street. Today, the flagship store is located on Walnut Street.

According to the company, the Mitchell & Ness label made its NFL debut on uniforms for the Philadelphia Eagles in 1933.

Mitchell & Ness is the latest purchase for Fanatics. Last month, Rubin's company acquired Topps trading cards.

Reports say Fanatics will own 75 percent of the business while the other investors will hold a 25 percent stake.

Previous owners Juggernaut Capital Partners purchased Mitchell & Ness from Adidas in 2016, which had owned the company since 2007.