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Red Sox owner to take Fenway Sports public through merger with RedBall
Boston Red Sox owner John Henry is in talks with RedBall Acquisition Corp to take his famed sports holding company Fenway Sports Group LLC public, a person familiar with the matter told Reuters late on Friday. The deal being discussed would merge Fenway Sports Group with RedBall Acquisition Corp and will value the owner of the Liverpool Football Club at around $8 billion including debt, the source said, asking not to be identified. The talks were reported earlier by the Wall Street Journal newspaper, which said the discussions are in the early stage and could still fall apart.
The newspaper also said RedBall, which raised $575 million in August to buy businesses in sports and sports-related media and data analytics, plans to raise an additional $1 billion to buy a stake in Fenway Sports Group that will not exceed 25%. RedBall, a special purpose acquisition company (SPAC), is co-chaired by former Goldman Sachs banker Gerald Cardinale and baseball executive Billy Beane, who shot to fame with Michael Lewis’s book “Moneyball: The Art of Winning an Unfair Game.”
https://www.reuters.com/article/fenway-sports-ma-spac/update-1-red-sox-owner-to-take-fenway-sports-public-through-merger-with-redball-source-idUSL1N2H1014
RedBall Acquisition Corp. Completes $575 Million Initial Public Offering
August 17, 2020 – RedBall Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 57,500,000 units, which includes 7,500,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $575,000,000. RedBall Acquisition Corp. is a new blank check company incorporated as a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on businesses in the sports, media and data analytics sectors, with a focus on professional sports franchises, which complement the management team’s expertise and will benefit from its strategic and hands-on operational leadership. The Company’s Sponsor, RedBall SponsorCo LP, is an affiliate of RedBird Capital Partners.
Goldman Sachs & Co. LLC acted as the sole book-running manager for the offering. AmeriVet Securities, Inc. and Loop Capital Markets LLC served as selling group members for the offering.
https://www.redbirdcap.com/news/redball-acquisition-corp-completes-575-million-initial-public-offering/
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