By Mark Donovan
Michael Rubin-owned and Philly area-based Fanatics has become a cash cow.
Even more than it was before it transformed into a digital sports platform from strictly a retail heavyweight.
It has raised around $700 million in common stock, bringing its valuation to $31 billion, Front Office Sports is reporting.
The business expects to bring in $8 billion next year, per sources, across separate companies including merchandise-focused Fanatics Commerce, Fanatics Collectibles — which includes $500 million acquisition Topps — and Fanatics Betting & Gaming, which will launch next year.
Rubin recently sold his 10 percent stake in the Sixers to local businessman David Adelman.