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.