Clearlake Capital, an investment company, led a $700m funding round in Fanatics, a sports platform, with participation from LionTree, Fidelity, Sliver Lake and Softbank. Proceeds from the investment, which comes in the form of common stock, will be set aside for strategic M&A. The goal is to help Fanatics grow across its divisions, including its soon-to-be launched sports-betting and gaming business, and won’t be used to fund its day-to-day operations.