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Pitchbook: The Weekend Pitch: SPACs Meet SportsAugust 16, 2020
O’Melveny Sports Industry Group co-chair Chuck Baker and Capital Markets partner Jeeho Lee discussed SPAC deals in the sports industry, including RedBall Acquisition Corp.’s recent offering, with Pitchbook.
“Can you imagine being able to own a slice of your favorite team?” said Lee, who advises issuers and underwriters on IPOs and other deals. “Can you imagine how excited people would be?”
Baker, who has advised buyers and sellers in nearly all of the major pro leagues, cited the liquidity of the public markets and the ability to foster much broader bases of shareholders and fans as other appealing facets of a SPAC deal. “For purposes of building brand equity, think of a Manchester United or a Barcelona, a Dallas Cowboys—one of these teams that has such tremendous brand value,” he said. “The ability to be international in terms of your shareholder body I think would be pretty spectacular.”
Pitchbook subscribers can read the full interview here.