Sports merchandise giant Fanatics Inc. is introducing a new events business in a bid to create a network of fan festivals focused on collectibles, memorabilia and athletes.
Events companies were some of the hardest hit during the pandemic, but while employers still struggle to get workers back to the office, consumers are flocking to shows and sporting events.
The new unit, called Fanatics Events, will launch its first event next year. As part of the new business, International Management Group will be a minority partner.
Fanatics Events will be run by Lance Fensterman, who previously worked as the president of ReedPop, the company behind events including New York Comic Con, Star Wars Celebration, Minecraft Festival and others.
“What ultimately made events like Comic Con this massive cultural and entertainment happening was everything else that exists around the original IP,” said Fensterman in an interview. “When you look at the hobby of sports card collecting, memorabilia and sports memorabilia you can see a similar vibe.”
Chief Executive Officer Michael Rubin has moved into several new sectors as Fanatics reaches beyond its original focus on licensed sports apparel. Earlier this year, the company started a livestreaming commerce service for collectibles and brought on former Snap Inc. executive Nick Bell to lead the new division.
Fanatics is willing to back acquisitions of smaller events organizations, Fensterman said.
“Candidly, we don’t have a set number,” Fensterman said in reference to his budget. “Michael Rubin, Tucker Kain and the board are looking at me to say what it will require to build something that is going to be world class.”
In December, the company raised funds at a $31 billion valuation. Last month, the company agreed to buy PointsBet Holdings Ltd.’s US sports and online betting business for $225 million.
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