In addition to announcing the launch of a new credit card aimed at sports fans this spring, Michael Rubin, CEO of Fanatics, stated that his company’s sales might reach $50 billion in the next five to ten years.
Speaking at the National Retail Federation’s Big Show in New York this morning, he outlined a vision that would place Fanatics among the most valuable companies in international sports, but he also insisted that there was “zero point zero pressure” to go public.
He stated, “We’re building this for the long term.” “This could become a $30 billion to $50 billion revenue company if we execute.” I hope it becomes the most significant and valuable sports company.
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Today Fanatics is a circa $13 billion business, spanning licensed merchandise, trading cards and sports betting, but Rubin insisted that scale is no excuse for complacency.
“We like to run it like a scrappy start-up,” he said. “You need that mentality, because everyone is coming for you. If you’re not scrappy, you’re dead.”
The company’s core merchandise operation generates about $7 billion in revenue, with another $4 billion coming from collectibles and tradable cards, and roughly $2 billion from gaming. Around three-quarters of sales are direct-to-consumer, with the rest wholesale.
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