Fanatics Raises New Funding at $31 Billion Valuation

Fanatics Inc. has raised funds at a $31 billion valuation, according to a person familiar with the matter, giving the sports apparel and collectibles company new ammunition as it expands into additional business lines.

The roughly $700 million round was led by private equity firm Clearlake Capital Group and joined by LionTree, with existing investors including Silver Lake Management, SoftBank Group Corp. and Fidelity Management & Research also taking part, said the person, who asked not to be named discussing private information.