A's Billy Beane Joins RedBird Capital In Launching Sports SPAC

Beane will serve as co-Chair of RedBall Acquisition Corp. alongside RedBird's Gerry CardinaleGetty Images

Private-equity firm RedBird Capital Partners is teaming up with A’s Exec VP/Baseball Operations Billy Beane to "launch the first-ever special purpose acquisition company dedicated to sports," according to Miriam Gottfried of the WALL STREET JOURNAL. The SPAC, which will be known as RedBall Acquisition Corp., has set out to raise $500M to "focus on businesses in sports, and sports-related media and data analytics." Possible targets "could include professional sports franchises or leagues." Successfully meeting its fundraising goal could allow RedBird to pursue targets worth $2B or more, with "additional capital from outside co-investors or a target’s existing owner." Beane will serve as co-Chair of the new venture alongside RedBird Founder & Managing Partner Gerry Cardinale. Former Browns President and RedBird Partner Alec Scheiner will be the firm's CEO (WALL STREET JOURNAL, 7/28).