Selling shares · Fanatics

How to sell your Fanatics stock

Fanatics has explored an employee tender at a discounted ~$25 billion — below its $31 billion funding round. For holders, that’s the key lesson: a tender price can be lower than the last headline, so don’t anchor to $31 billion. Here’s the real picture, and the tax.

Status Privately held · Reviewed November 2026

Fanatics is a private US sports-commerce company (merchandise, collectibles, betting) — still private as of November 2026. It raised at about $31 billion in 2024, and has since explored an employee tender at a discounted ~$25 billion. This guide is for the Fanatics holder.

Independent guide. PrivateTechShares is not affiliated with, endorsed by, or connected to Fanatics. This is general educational information for people who already hold Fanatics equity. We don’t recommend or endorse any transaction — whether to buy or sell, and on what terms, is entirely your own decision based on your own due diligence. What we do: help you prepare — a clear picture of what you hold, what it may be worth, and the paperwork.

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What you actually hold at Fanatics

Fanatics equity is typically stock options and, for later grants, RSUs. Options you exercise into shares; RSUs settle on a liquidity event or set date. The thing to watch at Fanatics: a tender can be priced below the last funding round, so your realisable value may be less than the headline valuation suggests. Check your grant for vested amount, strike and settlement terms.

Fanatics at a glance — the dates that matter to holders

2024
Fanatics raises at about $31 billion (per the Wall Street Journal).
2026
Explores an employee tender at a discounted ~$25 billion — below the last round (per Bloomberg).
Ongoing
Tender windows are company-set and can price below the headline valuation.

Figures as publicly reported (Wall Street Journal via Fanatics on the $31bn round; Bloomberg Law on the discounted tender). Confirm current status before relying on them.

How Fanatics equity turns into cash

Fanatics is private, with no open market. Liquidity has come through company-explored tender offers and its rounds. Crucially, a tender can be priced at a discount to the last funding round — so the price you’d actually get may be below the $31 billion headline. Outside a tender, a private secondary is subject to Fanatics’s transfer rules.

Where holders actually find buyers → A plain-English map of every route — buybacks, tenders, company secondaries, platforms and investor networks.

The decision you’re probably facing

The tender can be below the last round — price off the tender, not the headline. It’s tempting to value your stake off the $31 billion round, but the tender price is what you can actually get — and Fanatics has explored one at ~$25 billion. Base your sell-or-hold decision on the realisable number, not the headline, and factor the tax of exercising first.

The practical steps: value your vested equity at the realistic tender mark (~$25 billion), compare it to your strike, and model the tax of exercising or settling.

The tax reality (US)

Most US startup equity is taxed one of two ways. RSUs are ordinary income when they settle (on a liquidity event or set date), with employer withholding that can fall short at higher incomes; later gains are capital gains. Options cost the strike to exercise and, for ISOs, can trigger AMT — use the ISO/AMT calculator. Selling in a tender or secondary is a capital-gains event on any rise since you acquired the shares. Full method in our methodology.

What to expect on price

A tender has a set price; a private secondary to an outside buyer usually happens at a discount to the last headline valuation — because the buyer takes an illiquid minority stake, and you likely hold common shares worth less than investors’ preferred. See what discount is fair.

For holders

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Work out your Fanatics position

Get the numbers straight at the realistic tender mark: what your equity is worth around $25 billion, how it compares to your strike, and the tax of exercising or settling. Free tools give you the pieces; the report runs them on your grant.

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valuation estimator · ISO/AMT calculator · US toolkit — $39

Questions people ask

Can I sell my Fanatics shares?

Fanatics has explored employee tender offers, and liquidity has also come with its rounds. Important: a tender can be priced below the last funding round, so confirm the actual window price. Outside a tender, a private secondary is subject to Fanatics’s transfer rules.

How much are my Fanatics shares worth?

Value them at the realistic tender mark (Fanatics has explored a tender at ~$25 billion), not the $31 billion headline round. Adjust for your share class and strike, with an illiquidity discount. Use our estimator as a starting point.

Why would a tender be lower than the last round?

Funding rounds price preferred shares with investor protections; a tender buys common/employee shares, often at a discount and when sentiment has cooled. So the price you can actually get in a tender can be below the headline valuation.

Sources

We re-verify this page’s facts monthly — they can change between updates. Figures are as reported (November 2026); confirm current status before you rely on them.

More about Fanatics: fanaticsinc.com ↗ (official site) · funding & valuation data ↗.