Sports and media SPAC Victory Acquisition withdraws $250 million IPO

Victory Acquisition, a blank check company targeting the media, sports, and entertainment industries, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-third of a warrant.

The company was set to be led by CEO and Director James Lites, who currently serves as the Executive Chairman of the Dallas Stars and has held various roles across the NHL, MLB, and NFL, and Chairman William Quinn, the founder and Managing Partner of investment firm Pearl and a former minority owner of the Texas Rangers Baseball Club. The company had planned to target the media, sports, and entertainment industries, as well as the related technology and service sectors that support these industries.

The Dallas, TX-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol VACIU. Credit Suisse and Wells Fargo Securities were set to be the joint bookrunners on the deal.