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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.

Go deeper

Dan Primack, author of Pro Rata
Oct 12, 2020 - Economy & Business

SoftBank prepares to launch a SPAC

Illustration: Aïda Amer/Axios

SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.

Details: Axios has learned that Goldman Sachs and Citigroup would manage the IPO process, and that the intention is not to acquire an existing SoftBank portfolio company and bring it public.

4 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.