Fanatics, a sports apparel empire owned by Bryn Mawr’s Michael Rubin, has purchased Mitchell & Ness, one of Philadelphia’s oldest clothing brands, for $250 million, writes Pat Ralph for the Philly Voice.

Rubin’s Fanatics, the world’s largest collection of official fan gear from all the leagues, teams and players has a team of celebrity investors.

They include Meek Mill, Jay-Z, and Lil Baby, and will own 75 percent of the vintage sports clothing brand founded in 1904, while the other investors will own a combined 25 percent.

The deal will fold the portfolio of throwback sports apparel and casual wear made by Mitchell & Ness into Fanatics’ existing platform with the goal of increasing its global reach and expanding its product offerings, as well as acquiring more licensing rights.

The newly acquired company will continue to operate as a separate brand within its new owner’s commerce division.

“Mitchell & Ness is an iconic brand and pioneer within our industry,” said Rubin. “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.”

Read more about the acquisition in the Philly Voice.