Jul 28, 2020 - Economy

Sports-focused SPAC co-chaired by Billy Beane files for $500 million IPO

Billy Beane

Billy Beane in 2018.Photo: Dai Sugano/Digital First Media/The Mercury News via Getty Images

RedBall Acquisition, a special-purpose acquisition company focused on buying a professional sports franchise, filed for a $500 million IPO.

Details: It's sponsored by private equity firm RedBird Capital Partners, and co-chaired by former Oakland A's executive Billy Beane.

Why it matters: This is the intersection of two red-hot trends, raising blank-check acquisition companies and institutional investment in pro sports.

The bottom line: Don't be surprised if this SPAC, which has around $2 billion of buying power, focuses on European soccer. RedBird recently bought France's Toulouse FC, while Beane has spent the past few years advising Dutch club AZ Alkmaar.

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