According to a Reuters report based on trusted sources who wish to remain anonymous, Buffalo, New York-based New Era Cap, best known for its official licensing partnerships with MLB and the NFL, has begun preparations for an initial public offering in New York that could be valued at $4 billion to $5 billion. In the process, the company has reportedly taken on $775 million in debt, split between a $525 million loan and another $250 million revolving credit facility, Bloomberg said. The company, which is controlled by its founding family and in which private equity firm Acon Investments holds a significant minority stake, plans to go public in 2024, the sources said. MLB, the NFL and the NBA also hold minority stakes in New Era.

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