CNBC: Fanatics hires former Opendoor executive to run $5 billion sports merchandise business

Fanatics has hired a new chief executive for its largest business unit, the latest executive move for the sports platform as it continues to build towards a potential IPO.

Andrew Low Ah Kee, who most recently was the president of Opendoor and was also previously the COO of GoDaddy, will serve as the CEO of Fanatics Commerce, which includes the company’s merchandise business covering licensed fan gear, jerseys, and other apparel and products, e-commerce and stadium and event retail.

Fanatics has seen that area of its business grow to more than $5 billion in annual sales, a key driver of its increasing overall revenue and valuation. The company is projecting $8 billion in revenue this year and raised $700 million last December at a valuation of $31 billion.

Michael Rubin, who serves as the chairman and CEO of the larger Fanatics enterprise, restructured the business in 2021 to focus on three business lines – commerce, to now be overseen by Low Ah Kee; betting and gaming, led by former FanDuel CEO Matt King who was hired in 2021; and collectibles, led by former Dick Clark Productions CEO Mike Mahan, hired in 2022. The company has also made recent hires to oversee the Mitchell & Ness brand as well as its livestreaming business, areas where it sees future growth…