The investment will lift the total valuation of Fanatics to $4.5 billion, which would make it the third most valuable retailer in the U.S. behind Lululemon ($8.4 bb) and Foot Locker ($6.5 bb) and ahead of Dick’s ($4.2 bb). The investment, first reported by the Wall Street Journal, was part of a new round of funding that also included investments from the NFL of about $95 million and MLB of about $50 million. Fanatics had revenue last year of $1.4 billion, up from $1.0 billion in 2015, and told the WSJ it expects to top $2.2 billion this year.

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