According to an SEC filing, the former executives of On Location Experiences and PJT Partners are launching a blank check acquisition company focused on technology and services in sports and entertainment. Sports Entertainment Acquisition Co. will seek to raise $ 350 million. The company’s prospectus says it will target sports startups with high growth potential, in verticals such as media, ticketing, payments, travel entertainment and games. The three individual founders are former NFL executive vice president and on-site president Eric Grubman; former NHL COO and On Location CEO John Collins; and Chris Shumway, the billionaire founder of Shumway Capital. PJT Partners is also a sponsor of the new company. “These businesses often emerge in the ecosystems of owners of content and other intellectual property, and require different applications of capital and specific management experiences to grow,” the paper reads. “The application of third-party capital and expertise has the potential to enable growth outside the initial focus area.” The company named ESPN, Ticketmaster / StubHub, Fanatics, and On Location as examples.
POWER STRUCTURE: Collins will be CEO, while Grubman will be president and chief financial officer. Shumway will “actively support” their efforts as a co-founder. The founders also appointed two independent directors: Natara Holloway, VP / Business Operations and Strategy for Football Operations of the NFL; and Timothy Goodell, executive vice president and general counsel of Hess Corporation and brother of NFL commissioner Roger Goodell. The new company is part of a growing trend of Special Purpose Acquisition Companies (SPACs), which are heading into the market to raise capital with the intention of acquiring other companies. The filing follows another sports-specific SPAC, RedBall Acquisition, founded earlier this year by Gerry Cardinale’s RedBird Capital. Earlier this year, Rockets owner Tilman Fertitta and DraftKings also used the method to go public. The company declined to comment. Grubman and Collins left OLE after its sale to Endeavor closed in January. PJT Partners and Goldman Sachs are the underwriters.
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