Grubman, a former NFL Exec VP and On Location Chair, will serve as Chair and CFO of the new SPACGETTY IMAGES
Top former executives of On Location Experiences and PJT Partners are launching a blank-check acquisition company focused on tech and services in sports and entertainment, according to an SEC filing. Sports Entertainment Acquisition Co. will seek to raise $350M. The company's prospectus says it will target startups in sports with high growth potential, in verticals such as media, ticketing, payments, entertainment travel and gaming. The three individual founders are former NFL Exec VP and On Location Chair 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 business. "These businesses often emerge within the ecosystems of the owners of content and other intellectual property, and require different applications of capital and specific management experiences to grow," the document reads. "The application of third-party capital and expertise has the potential to enable growth outside of the original focus area." The company named ESPN, Ticketmaster/StubHub, Fanatics and On Location as examples.
POWER STRUCTURE: Collins will be CEO, while Grubman will be Chair and CFO. Shumway will "actively support" their efforts as a co-founder. The founders also named two independent directors: Natara Holloway, the NFL's VP/Business Operations and Strategy for Football Operations; and Timothy Goodell, the Exec VP and General Counsel for Hess Corporation and brother to NFL Commissioner Roger Goodell. The new company is part of a growing trend of special purpose acquisition companies (SPACs), which head to 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.
