Vintage sports jersey maker Mitchell & Ness is adding athletes to its already impressive celebrity investor list.

LeBron James, Kevin Durant, Chris Paul, CJ McCollum, Devin Booker, James Harden, Joel Embiid, and Odell Beckham Jr. are investing in the company in which Fanatics purchased a 75% stake at a $250 million valuation in February — five times the amount Adidas sold it for in 2016 to Juggernaut Capital Partners.

• The remaining 25% went to a celebrity cohort including Maverick Carter, Jay-Z, Meek Mill, Lil Baby, and the D’Amelio family.
• The athletes, as well as Kevin Hart, Rich Paul, Rich Kleiman, Scooter Braun, and Steve Stoute, will be part of the cohort.

Financial terms of the deal weren’t disclosed.

Fanatics CEO Michael Rubin told CNBC that Mitchell & Ness grew 30% this year, making it a $350 million business. 

“Athletes, celebrities, and artists are sick of just getting checks, they want to make money from equity,” Rubin said. “They want to be partners in these businesses.”

Fanatics is valued at $27 billion.

League Lock

Mitchell & Ness, which operates as a separate brand from Fanatics, secured a deal with the NHL, NHLPA, and NHL Alumni Association in June to collaborate on licensed apparel and accessories. 

At the time of the announcement, the company said the first products will be available in November.

Ye — formerly known as Kanye West — is no longer on Forbes’ billionaires list as businesses and athletes continue to drop him and his products.

Foot Locker has become the latest brand to end its relationship with the rapper and designer over antisemitic comments he made on social media platforms. The sneaker and activewear retailer sent an internal message to its 2,799 brick-and-mortar locations to pull all Yeezy footwear from its sales floors immediately. 

Gap also ended its deal with Ye, removing Yeezy Gap merchandise from its stores and shutting down YeezyGap.com. 

The Boston Celtics’ Jaylen Brown and Los Angeles Rams’ Aaron Donald announced they would be leaving Donda Sports — Ye’s sports marketing agency. Adidas immediately halted production of Yeezy products and stopped all payments to Ye’s companies on Tuesday. 

• Earlier this year, Ye was estimated to be worth $2 billion — ranking 1,513 on Forbes’ rich list.
• He is now estimated to be worth $400 million after Adidas terminated its deal. 

Foot Locker generated $2.07 billion in revenue in Q2 2022, down from $2.28 billion for the same period last year. The company reported a net income of $94 million, compared to $430 million in Q2 2021. 

The Songs Will Play

Ye still has the support of one of the biggest companies in music — Spotify. The audio streaming giant has decided to not remove Ye’s music from its platform.

“It’s really just his music, and his music doesn’t violate our policy,” said Spotify CEO Daniel Ek.

Audi is officially joining Formula 1 when the series revamps its engine regulations.

The Volkswagen-owned carmaker confirmed longstanding rumors and announced its team-up with Sauber, beginning in 2026.

Audi plans to acquire a stake in the Sauber Group.

• Ferrari will remain Sauber’s power unit supplier through the 2025 season.
• Audi will construct the power units at its Neuburg facility, which it will expand throughout 2023 in personnel, building space, and technical infrastructure.
• The first tests of Audi’s F1 power unit will come in 2025.

Porsche, another Volkwagen-owned brand, appears likely to join Audi in 2026, as its deal to buy 50% of Williams Racing is reportedly close. Porsche previously appeared to have a similar deal in place with Red Bull, but the racing team reportedly backed out.

Climate Shift

Audi was lured into the global racing series by its commitments to sustainability.

“Formula 1 is taking a big step towards sustainability with the new regulations that will come into effect from 2026,” Audi said. “This was an important prerequisite for Audi to decide to enter the championship.”

In 2026, F1 will require an electric drivetrain that has as “nearly as much power as the internal combustion engine,” per Audi, as well as CO2-neutral sustainable synthetic fuel.