Jay-Z, Meek Mill, Lil Baby & Others Acquire Lifestyle Brand Mitchell & Ness

JAY-Z has a history of making smart investments. In the past, the Roc Nation founder has made groundbreaking moves with companies like TIDAL and his weed company Monogram. Now he's joined a slew of notable investors to purchase an iconic brand that's been in business for over a century.

According to Billboard, Hov and others like Meek Mill, Lil Baby, Fanatics CEO Michael Rubin, Maverick Carter, the D'Amelio Family and others have all pitched in to purchase lifestyle brand Mitchell & Ness. Founded in 1904, the brand has become famous for their nostalgic sports jerseys, streetwear, and headgear. Mitchell & Ness also has locked in partnerships with the NBA, NFL, MLB, MLS and numerous NCAA schools.

“Fashion is cyclical, but classics are forever,” JAY-Z said in a statement. “Mitchell & Ness is a true classic. I was an early adopter of this brand, as well as a part of a departure from athletic wear. I’m proud to play a small role in bringing it back, and in some cases, introducing the authenticity and quality of the Mitchell & Ness brand to a new generation.”

The brand was purchased from its previous owners, Juggernaut Capital Partners. The overall goal is to help Mitchell & Ness achieve more of a global reach under Fanatics' platform. Fanatics, which is also a fellow sports apparel vendor and now co-owner, will allow Mitchell & Ness to continue operating as its own brand within Fanatics' Commerce division.

“Mitchell & Ness is an iconic brand and pioneer within our industry," Rubin said in a statement. "I’m incredibly excited for Fanatics to partner with this incredible group of innovative owners to build upon the company’s already strong business that has kept the brand culturally relevant for more than 100 years. Growing up as a kid in Philadelphia, we looked at Mitchell & Ness as a badge of pride, and I truly believe this legendary brand has no limit.”

The announcement comes just hours before J. Cole is expected to put his limited edition Mitchell & Ness 'DREAMER' throwback basketball jerseys up for sale.