Fanatics Inc., the sports memorabilia company led by billionaire entrepreneur Michael Rubin, has raised $700 million at a valuation of $31 billion, according to a source familiar with the investment. Clearlake Capital LP and LionTree led the round, which was initially reported by The Wall Street Journal. The latest round comes about nine months after the company raised $1.5 billion at a $27 billion valuation with Fidelity, BlackRock Inc. and MSD Partners, the private investment firm founded by Dell Inc.’s Michael Dell. Fanatics teamed up with NBA greats LeBron James and Kevin Durant, as well as rap mogul Jay Z, to buy Mitchell & Ness Nostalgia Co. at a reported value of $250 million, in October. Fanatics also paid $500 million for Topps in January.
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