Billy Beane-led SPAC fails to strike deal to take Boston Red Sox public, report says

<p><img src="https://static4.businessinsider.com/image/60101b801d2df20018b70d13-2400/red sox baseball.jpg" border="0" alt="red sox baseball" data-mce-source="Photo by Michael Ivins/Boston Red Sox/Getty Images"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>Billy Beane has struck out in his quest to take the Boston Red Sox public via a SPAC, according to an Axios report.</strong></li><li><strong>Beane had formed the RedBall Acquisition SPAC and raised $575 million for a potential deal.</strong></li><li><strong>RedBall had been seeking to acquire a 20% to 25% stake in Fenway Sports Group at a $8 billion valuation.</strong></li><li data-stringify-indent="0"><strong data-stringify-type="bold"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer" data-stringify-link="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell" data-sk="tooltip_parent">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></strong><strong data-stringify-type="bold">.</strong></li></ul><hr><p>Boston Red Sox fans will have to continue to wait to buy a share in their favorite baseball team after Billy Beane failed to strike a deal to take the team public, according to <a href="https://www.axios.com/red-sox-public-spac-no-deal-72eb6b14-0844-4156-b03f-3456217083e4.html">an Axios report.</a></p><p>Beane is leading the <a href="https://markets.businessinsider.com/stocks/rbac-stock">RedBall Acquisition SPAC</a>, a "blank-check" company that raised $575 million in its IPO last Summer.</p><p>RedBall had been in acquisition talks with the parent company of the Boston Red Sox and Liverpool FC, Fenway Sports Group, according to Axios. RedBall was seeking to acquire between a 20% to 25% stake in the company at a valuation of around $8 billion.</p><p>The deal, which would have been funded by the IPO proceeds of the SPAC, plus up to $950 million raised by a private equity firm and outside investors, fell apart because RedBall was unable to raise enough outside cash at the asking price, Axios reported.</p><p>The Red Sox were acquired by a group of investors back in 2002 for $380 million. Today, their value is estimated to be $3.3 billion, according to a <a href="https://www.forbes.com/sites/kurtbadenhausen/2020/07/31/the-worlds-most-valuable-sports-teams-2020/'sh=63e5ab63c749">report from Forbes.</a> That valuation does not include Liverpool or other assets of Fenway Sports Group that include a NASCAR team and sports network.&nbsp;</p><p>RedBall will now set its sights on other acquisition targets, potentially in pro soccer or gaming, Axios said.&nbsp;</p><p><strong data-stringify-type="bold"><em data-stringify-type="italic">Read More:&nbsp;</em></strong><em data-stringify-type="italic"><a href="https://www.businessinsider.com/spac-investing-strategy-3-blank-check-firm-picks-spcx-etf-2021-1'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.businessinsider.com/spac-investing-strategy-3-blank-check-firm-picks-spcx-etf-2021-1" data-sk="tooltip_parent">This actively-managed SPAC ETF amassed $60 million assets within a month of launching. Its founder breaks down how to pick blank-check firms - and shares 3 to watch in 2021</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/boston-red-socks-spac-public-offering-fails-billy-beane-2021-1-1030004985#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/why-gucci-clothes-racist-blackface-sambo-2019-2">Why these Gucci clothes are racist</a></p>
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