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Sports and SPACs: Sports team owner-led SPACs are a growing trend

July 29, 2020

Recent IPO filer RedBall Acquisition (RBAC.U) is looking to bring sports into SPACs. The blank check company plans to raise $500 million to acquire a professional sports franchise, specifically citing European football clubs. Led by a group of experienced sports executives, its co-Chairs are Gerry Cardinale, the founder of sponsor RedBird Capital who led strategic initiatives for the New York Yankees and Dallas Cowboys, and Billy Beane, the EVP of Baseball Operations for the Oakland A's known for his depiction in Moneyball. A co-owner of the A's, Lew Wolff, will sit on the board.

While RedBall’s management team is especially relevant for its target industry, it is part of a growing trend of SPACs led by owners of professional sports franchises. Sports team owners are often...

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