- Billy Beane has struck out in his quest to take the
Boston Red Sox public via aSPAC , according to an Axios report. - Beane had formed the RedBall Acquisition SPAC and raised $575 million for a potential deal.
- RedBall had been seeking to acquire a 20% to 25% stake in Fenway Sports Group at a $8 billion valuation.
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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 an Axios report.
Beane is leading the RedBall Acquisition SPAC, a "blank-check" company that raised $575 million in its IPO last Summer.
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.
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.
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 report from Forbes. That valuation does not include Liverpool or other assets of Fenway Sports Group that include a NASCAR team and sports network.
RedBall will now set its sights on other acquisition targets, potentially in pro soccer or gaming, Axios said.