Yahoo Finance Jay-Z-backed Fanatics creates 150 jobs and slashes losses
A licensed sports merchandise group backed by rapper Jay-Z has created 150 jobs and slashed its losses, new documents have revealed.
The UK arm of Fanatics, which is based in Manchester, increased its headcount to 732 while its pre-tax losses reduced from £9.3m to £1.9m in 2022, newly-filed accounts with Companies House show.
During the same financial year, the group’s turnover increased from £223.8m to £266m.
Fanatics’ UK accounts for 2023 are due to be filed with Companies House by the end of September this year.
Fanatics works with more than 900 of the world’s largest sports teams, leagues and institutions including the English Premier League, La Liga, Bundesliga and Ligue 1 clubs, international football associations, along with representation across all major US sports Leagues, rugby, Formula 1 and Olympic sport.
The US-headquartered group has counted Jay-Z as a shareholder since he invested around $350m into the business in 2021 via his sports entertainment company, Roc Nation.
A statement signed off by the board said: “The directors believe that the strategic actions taken during the year positioned the business well for the future.
“Fanatics International continues to be committed to the growth of its existing partners, with the extension of long-term partnerships with the British and Irish Lions, UEFA and the German FA.
“The company also secured the business of a number of additional partners throughout 2023, including WWE, Barnsley FC and Millwall FC.”
In 2023, Fanatics International sold its Spanish subsidiary Global Merchandising after it ceased trading in 2021.
Two months later, the group completed the acquisition of EPL, an Italian sports merchandise company.
