Billy Beane-led SPAC fails to strike deal to take Boston Red Sox public, report says - Business Insider

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Billy Beane-led SPAC fails to strike deal to take Boston Red Sox public, report says

RedBall had been in acquisition talks with the parent company of the Boston Red Sox and Liverpool FC, Fenway Sports Group, according to Axios. RedBall was seeking to acquire between a 20% to 25% stake in the company at a valuation of around $8 billion.

The deal, which would have been funded by the IPO proceeds of the SPAC, plus up to $950 million raised by a private equity firm and outside investors, fell apart because RedBall was unable to raise enough outside cash at the asking price, Axios reported. The Red Sox were acquired by a group of investors back in 2002 for $380 million. Today, their value is estimated to be $3.3 billion, according to aThat valuation does not include Liverpool or other assets of Fenway Sports Group that include a NASCAR team and sports network.

RedBall will now set its sights on other acquisition targets, potentially in pro soccer or gaming, Axios said. This actively-managed SPAC ETF amassed $60 million assets within a month of launching. Its founder breaks down how to pick blank-check firms - and shares 3 to watch in 2021Start your day knowing what traders are talking about.

 

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