Eric Grubman, John Collins, and Chris Shumway hope to raise US $ 350 million through the IPO.
- Sports Entertainment Acquisition Corp offering 35 million units at US $ 10 each
- The company is also exploring technological opportunities and services associated with sports and entertainment.
- PSPCs have already raised US $ 38 billion in 2020, according to SPAC Research
Eric Grubman, former executive vice president of business operations for the National Football League (NFL), and John Collins, most recently CEO of high-end hospitality company On Location Experiences (OLE), have formed a company of Special Purpose Acquisition (SPAC) targeting the sports and entertainment industries.
Sports Entertainment Acquisition Corp, which also has US investor Chris Shumway as a co-founder, filed with the Securities and Exchange Commission (SEC) on September 14 an initial public offering (IPO) which it hopes will will raise up to US $ 350 million.
Florida-based blank check firm, which plans to list on the New York Stock Exchange under the symbol SEAH.U, is offering 35 million units at $ 10 each, each consisting of one common share and half a warrant subscription, exercisable at US $ 11.50.
An official record indicates that Sports Entertainment Acquisition intends to focus on acquisition opportunities in the sports and entertainment sectors, in addition to “the technology and services associated with these verticals.”
The dossier continues: “Examples of these technology / service areas include media, ticketing, payment processing, travel entertainment, gaming, loyalty programs and many more.
“Our founders have knowledge of these areas and we believe that a company operating in any of these areas would benefit from our operational expertise and the experience and networks of our management team.
Grubman (pictured), a former Goldman Sachs partner who was most recently chairman of OLE, will serve as chairman and chief financial officer of Sports Entertainment Acquisition, while Collins, who spent nine years as chief operating officer of the National League of hockey (NHL), will be the general manager of the company. He left OLE after the company was acquired in January by agency giant Endeavor for US $ 660 million.
Natara Holloway, who has held various positions in the NFL since 2014, and Timothy Goodell, brother of NFL commissioner Roger Goodell and senior vice president and general counsel for energy company Hess Corporation, join the team at management of Sports Entertainment Acquisition.
Explaining its decision to focus on sports and entertainment businesses, Sports Entertainment Acquisition said that many companies in these sectors are “ achieving strong growth ” and “ have the potential to serve as platforms that can be used. for future acquisitions ”.
“The application of third-party capital and expertise has the potential to enable growth outside the initial focus,” the company brief added. “Examples of companies that have followed this trajectory include ESPN, Ticketmaster / StubHub, Fanatics, On Location and many more.
Sports Entertainment Acquisition is the latest sports-focused SPAC to file with the SEC in recent times. In July, RedBird Capital Partners, the U.S. investment firm led by Gerry Cardinale, and Oakland A executive Billy Beane launched RedBall Acquisition Corp. The company raised $ 575 million when it went public. that she hopes to spend to acquire a professional sports franchise.
Several private companies went public this year by merging with PSPCs, which are publicly traded companies created specifically to make an acquisition.
Fantasy sports and daily betting operator DraftKings, for example, closed a three-way merger in April with gaming tech specialists SBTech and investment firm Diamond Eagle Acquisition Corp (DEAC). Sportradar, the Swiss sports data intelligence company, is also reportedly considering going the SPAC route.
PSPC has already raised a record US $ 38 billion in 2020, according to SPAC Research.
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