Fanatics

EXECUTIVE SUMMARY

Fanatics is the Official Licensee and retail partner of the LA28 Olympic and Paralympic Games and Team USA. Under a wide-ranging agreement announced in August 2022, Fanatics will manufacture and sell Olympic-branded merchandise, operate e-commerce and in-venue retail, and outfit the LA28 volunteer workforce.

This builds on Fanatics' 2021 deal with the International Olympic Committee for global e-commerce rights to Olympic merchandise, a revenue-sharing agreement extending through the 2028 Games. The combined scope makes Fanatics the single most important commercial partner for Olympic merchandise worldwide.

Fanatics is privately held, valued at $31 billion after its most recent funding round. Under CEO Michael Rubin, the company has expanded from sports merchandising into collectibles and sports betting, generating $8.1 billion in revenue in 2024 and projecting close to $12 billion in 2026. The LA28 partnership represents a home-market opportunity for the company, which is headquartered in the United States.

1. OLYMPIC HISTORY & MARKETING PRESENCE

1.1 Partnership Timeline & Evolution

Pre-Olympic Relationship with Team USA Fanatics' relationship with Team USA dates back to 2009, establishing an early foothold in Olympic merchandise distribution before the company's rapid expansion into licensing and manufacturing.

IOC Global E-Commerce Deal (October 2021) The IOC struck its first global e-commerce deal with Fanatics, a revenue-sharing agreement giving Fanatics a percentage of sales from Olympic merchandise. The deal extends through the 2028 Games and covers the official Olympics online shop.

Team USA / LA28 Licensing Deal (August 2022) Team USA and LA28 signed a long-term licensing agreement with Fanatics to manufacture and sell Olympic-branded merchandise for the 2028 Summer Games. The deal covers apparel, hard goods, memorabilia, collectibles, and real-time on-demand products.

Paris 2024 Fanatics operated the official Olympic merchandise e-commerce platform for Paris 2024, selling Team USA and Games-branded apparel through its digital infrastructure.

Milano Cortina 2026 Fanatics is the official retail provider of Team USA merchandise for the 2026 Winter Games: - Extensive Team USA Milano Cortina 2026 merchandise available through Fanatics.com, TeamUSAShop.com, and the official Olympics Shop (shop3.olympics.com) - Product range includes branded apparel (Nike and New Era), fleece hoodies, full-zip jackets, adjustable hats, long sleeve t-shirts, polos, and accessories - Milano Cortina 2026-branded Games merchandise also available alongside Team USA products - Supporting Team USA's largest-ever Winter Games roster of 232 athletes

1.2 Signature Programs

• Official Olympics Shop: Fanatics operates the global e-commerce platform for Olympic merchandise (shop3.olympics.com)
• Team USA Shop: Dedicated storefront for Team USA apparel and gear (teamusashop.com)
• In-Venue Retail: For LA28, Fanatics will operate physical retail locations at venues and throughout the LA28 footprint
• Volunteer Outfitting: Fanatics will outfit the LA28 Games volunteer workforce
• On-Demand Products: Real-time, commemorative products responding to in-Games moments (medals, records, milestones)

2. LA28-SPECIFIC INITIATIVES

2.1 Announced Plans & Positioning

LA28 has framed the Fanatics partnership as creating a "world-class shopping experience" for fans. Key elements include:

• Omnichannel Retail: Online, in-venue, and additional retail sites across Los Angeles before and during the Games
• Brand Partnerships: Fanatics' retail platform will carry products from multiple LA28 brand partners, including Nike and Ralph Lauren
• Real-Time Merchandise: On-demand product capability means commemorative items can be produced in response to live results
• Collectibles: Fanatics' growing collectibles business will produce Olympic-specific trading cards and memorabilia
• Mitchell & Ness Collection: LA28 has already launched a Mitchell & Ness vintage-style collection through Fanatics' owned brand

LA28 Venue Context: The Games will use 40+ competition venues across the LA metro area, with a dual-venue Opening Ceremony shared between the LA Memorial Coliseum and SoFi Stadium (announced May 2025). LA28 will be the first Games since 1948 built entirely on existing infrastructure. LA28 announced a first-of-its-kind venue naming rights program in August 2025, with named venues including Intuit Dome (basketball), Honda Center (volleyball), Comcast Squash Center at Universal Studios (squash), and Peacock Theater (weightlifting/boxing). Fanatics' in-venue retail operations will span all of these sites. The Ticket Draw registration opened January 14, 2026 with tickets from $28. The 50-state Olympic torch relay, beginning April 2028, creates additional merchandise demand along the relay route nationwide.

2.2 Regulatory/Market Context

No significant regulatory concerns. Fanatics' licensing position gives it exclusive or preferred access to Olympic marks for merchandise. The company's vertical integration, from design through manufacturing to retail, allows it to control margins and speed-to-market in ways that traditional licensees cannot match.

3. EXECUTIVE LEADERSHIP & DECISION-MAKERS

3.1 C-Suite Leadership

• Michael Rubin: Founder and Chief Executive Officer. Serial entrepreneur who founded Fanatics and grew it into a $31 billion sports commerce platform. Known for high-profile partnerships across every major professional sports league and for expanding Fanatics into collectibles (Fanatics Collect) and sports betting (Fanatics Betting & Gaming).

3.2 Olympic Partnership Leadership

Not publicly disclosed at the individual level. The Olympic partnership likely sits within Fanatics' licensing and commerce divisions.

3.3 Board Members with Relevant Experience

Fanatics is privately held and does not publicly disclose its full board composition. Investors include Fidelity Investments, Silver Lake, Thrive Capital, SoftBank, and others. Michael Rubin is also a minority owner of the Philadelphia 76ers and New Jersey Devils, and he has extensive personal relationships across the professional sports ownership community.

4. AGENCY & CREATIVE PARTNERS

4.1 Agency Model

Fanatics operates primarily as a commerce and licensing company rather than a consumer brand advertiser. Its marketing is driven through the leagues, teams, and athletes whose merchandise it sells, rather than through standalone Fanatics brand campaigns.

4.2 Known Agency/Partner Relationships

Not publicly disclosed in the Olympic context. Fanatics' marketing is largely performance-driven (digital, e-commerce) rather than brand-driven (TV, OOH).

4.3 Notable Creative Executions

• Mitchell & Ness LA28 Collection: Vintage-style Olympic merchandise leveraging Fanatics' owned brand heritage
• Official Olympics Shop: Clean, e-commerce-driven merchandising platform with dedicated LA28, Team USA, and athlete-specific storefronts
• Real-Time Products: Rapid-turnaround commemorative merchandise tied to in-Games moments is a signature Fanatics capability developed in partnership with MLB, NFL, and NBA

5. COMPETITIVE POSITIONING

5.1 Market Share & Competitive Landscape

Fanatics has effectively consolidated the licensed sports merchandise market ($8.1 billion 2024 revenue, projected $12 billion by 2026). Through exclusive licensing deals with the NFL, MLB, NBA, NHL, NCAA, and now the IOC and Team USA, Fanatics controls the manufacturing and distribution pipeline for the vast majority of officially licensed sports merchandise in North America.

Key Competitors and Cross-Sponsor Dynamics: - Nike: Both a Fanatics partner and a competitor. Nike manufactures Team USA performance apparel (competition and training gear) while Fanatics handles the broader fan merchandise, retail platform, and e-commerce. The relationship is collaborative in the Olympic context, but Nike's DTC operation competes with Fanatics for direct consumer spend. - DICK'S Sporting Goods: LA28 Official Partner in the sporting goods retail category. DICK'S will sell Olympic merchandise through its physical stores, with Fanatics managing the e-commerce channel and manufacturing pipeline. The two companies' Olympic roles are complementary. - Amazon: Competes for licensed merchandise sales but cannot sell officially licensed LA28 products without Fanatics' involvement. Fanatics' exclusive licensing deals protect its Olympic merchandise position.

5.2 Olympic Sponsorship Differentiation

Fanatics' Olympic role is unique: it operates both the official merchandise platform and the manufacturing pipeline. This vertical integration means Fanatics captures value at multiple points in the commerce chain, from design through manufacturing through retail and fulfillment. No other sponsor has this level of commerce infrastructure built into its partnership. The real-time merchandise capability (producing commemorative items within hours of on-field moments, proven with MLB, NFL, and NBA) is a differentiator that no competitor can match at Olympic scale.

5.3 Key Brand Messaging

• Licensed sports commerce at scale
• Real-time, on-demand merchandise responding to live sporting moments
• Omnichannel retail across digital, in-venue, and physical locations
• Deep integration with leagues, teams, and athletes

6. KEY METRICS & BUSINESS CONTEXT

6.1 Financial Performance

• 2024 Revenue: $8.1 billion (15% YoY increase)
• Apparel & Merchandise: $6.2 billion
• Collectibles: $1.6 billion
• Betting: $300 million
• 2026 Revenue Projection: Close to $12 billion (per CEO Michael Rubin, June 2025)
• Valuation: $31 billion (December 2022 funding round)
• Total Funding Raised: $4.85 billion
• Employees: 22,000+
• Global Offices: 80+
• Cash on Balance Sheet: Close to $1 billion (per Rubin, June 2025)

6.2 Olympic Period Performance

Olympic-specific merchandise revenue is not separately disclosed. However, major sporting events consistently drive spikes in licensed merchandise sales. The LA28 Games, as a home-market event with Fanatics operating both online and in-venue retail, represents the company's largest Olympic commercial opportunity to date.

APPENDIX: KEY SOURCES

Official Sources

• LA28 Announcement: la28.org/en/newsroom/LA28_Fanatics_Retail_Agreement.html
• Fanatics Inc.: fanaticsinc.com
• Team USA Shop: teamusashop.com
• Official Olympics Shop: shop3.olympics.com

Industry Analysis

• Front Office Sports: Fanatics Strikes Merchandising Deal with LA28, Team USA
• SGB Media Online: Team USA Signs Merchandise Deal With Fanatics For 2028 LA Olympics
• CNBC: Fanatics lands global e-commerce rights for Olympics merchandise
• Sportico: Fanatics Revenue Hits $8.1B Amid Push Into Betting, Collectibles

Financial Filings

• Fanatics is privately held; financial data sourced from CEO public statements and industry reporting

End of Research Brief