Menu
Finance

New SPAC Headed By Collins, Grubman Raises $400M In IPO

The blank-check company founded by former NFL execs John Collins and Eric Grubman raised $400M in an IPO, up from the originally planned $350M. Sports Entertainment Acquisition Co., expected to begin trading on the New York Stock Exchange, wants to acquire high-growth potential businesses coming out of the sports industry. “We intend to focus on the sports and entertainment sectors as well as the technology and services that are associated with these verticals,” the company said in its initial filings. “Examples of these technology/service areas include media, ticketing, payments processing, entertainment travel, gaming, loyalty programs and many others.” Investors have indicated they are interested in providing additional capital, for up to between $1B-$5B, once an acquisition target is identified, a source familiar with the funding raise said. In its prospectus, the company said it was looking for companies with the potential to emulate the likes of ESPN, Ticketmaster, StubHub or Fanatics.

ON BACKGROUND: Collins, the former CEO of the NFL-backed On Location Enterprises, joined with Grubman, a former Exec VP of the NFL, and Chris Shumway, the billionaire founder of Shumway Capital, to launch the company. PJT Partners is also on as a sponsor and an underwriter of the IPO along with Goldman Sachs. Two independent directors include Tim Goodell, NFL Commissioner Roger Goodell’s brother and Exec VP & general counsel for Hess Corporation; and Natara Holloway, the NFL's VP/Business Operations & Strategy for Football Operations.

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2020/10/02/Finance/New-SPAC.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2020/10/02/Finance/New-SPAC.aspx

CLOSE