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<ul class="summary-list"><li><keyword id="13498449" type="UNKNOWN" weightage="60" keywordseo="bill-hagerty" source="Orion">Bill Hagerty</keyword> disclosed that each of his four children now own a stake in Nashville's <keyword id="11979701" type="UNKNOWN" weightage="60" keywordseo="mls" source="Orion">MLS</keyword> team.</li><li>Hagerty told Insider that buying into professional <keyword id="11893855" type="UNKNOWN" weightage="60" keywordseo="sports" source="Orion">sports</keyword> runs in the family.</li></ul>Republican Sen. Bill Hagerty's four dependent children have become minority owners of <keyword id="13498450" type="UNKNOWN" weightage="60" keywordseo="nashville-sc" source="Orion">Nashville SC</keyword>, Tennessee's Major League <keyword id="11897666" type="UNKNOWN" weightage="60" keywordseo="soccer" source="Orion">Soccer</keyword> club, according to a financial filing disclosed by Hagerty's office.Each of their stakes in Nashville Soccer Holdings LLC is estimated between $1 million and $5 million and effective February 28, according to the disclosure. The exact size of the Hagerty children's shares is not entirely clear, as federal law only requires senators to disclose broad ranges of their own and their families' financial assets. The Tennessee Republican said buying into professional sports runs in the family."I've been involved in soccer for a long time," he told Insider steps from the <keyword id="11896866" type="UNKNOWN" weightage="60" keywordseo="senate" source="Orion">Senate</keyword> chamber. It runs in more than just the Hagerty family now, too.Weeks after Insider first reported the Hagerty children's investments, the soccer club <a href="https://www.mlssoccer.com/news/reese-witherspoon-derrick-henry-join-nashville-sc-as-minority-owners">announced</a> that Academy Award-winning actress Reese Witherspoon and Tennessee Titans running back Derrick Henry have also become minority owners. Henry joins a growing group of NFL players that hold a stake in an MLS team, including Super Bowl champion and Kansas City Chiefs quarterback Patrick Mahomes.Hagerty said he's not personally involved in the Nashville SC investment."My family is," he said of the delineation. He did not, however, close the door to buying his own stake in Nashville SC — or some other sports franchise — later on. "I'm not sure where my investment portfolio will go over the coming years," Hagerty said. Hagerty's office told Insider that three of his four children are minors and that none of the stakes come with any "managerial control.""All of these assets are passive, meaning they involve no managerial control, and held in trusts that are administered by a third-party trustee," Hagerty spokesman Judd Deere wrote in an email.<div type="image" title="US Senate disclosure Bill Hagerty" height="2140" width="2742" msid="90528084" hostid="261"></div>Like other professional leagues, the MLS has at times lobbied <keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword>.According to a January 2021 <a href="https://projects.propublica.org/represent/lobbying/301023158">disclosure</a>, the soccer league was lobbying on a bipartisan immigration proposal that passed both the House and Senate. The Senate significantly amended the bill, which has left its future uncertain. Hagerty's office said he has prioritized "strict compliance" with Senate ethics rules and guidance on potential conflicts of interest and he "will continue to do so, including with respect to any investments relating to his children."<h2 dir="ltr">Soccer and <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword></h2>Nashville SC's lead investor is <keyword id="13498451" type="UNKNOWN" weightage="60" keywordseo="john-ingram" source="Orion">John Ingram</keyword>, a businessman who has made significant contributions to Republican political interests, including committees that benefit Hagerty's campaign, according to an <a href="https://www.tennessean.com/story/news/politics/2020/10/01/nashville-sc-john-ingram-sports-republicans/5878191002/">analysis</a> by USA Today and the Nashville Tennessean.Hagerty himself was intimately involved in the effort to bring professional soccer to Tennessee.In 2016, <a href="https://www.tennessean.com/story/news/local/2016/05/19/bill-hagerty-leads-separate-effort-bring-pro-soccer-nashville/84596132/">Hagerty told the Tennessean</a> that he was "engaged in discussions" to support a "high-level" team after a separate ownership group was involved with the United Soccer League. Nashville SC plays under the same name as the now-defunct USL team.MLS, America's top professional soccer league, awarded Nashville <a href="https://www.mlssoccer.com/news/nashville-awarded-mls-expansion-club">an expansion team in 2017. </a>President Donald Trump named Hagerty his ambassador to Japan in 2017. Hagerty, who has also led Tennessee's economic development department, won his Senate seat in 2020, replacing retiring Republican, Lamar Alexander. <div type="image" title="Nashville SC plays FC Dallas in a MLS game" height="3849" width="5773" msid="90528086" hostid="261"></div>The MLS league office did not respond to Insider in time for publication. A representative for Nashville SC responded to Insider after publication. The investment by Hagerty's dependent children comes at a moment when Congress is <a href="https://www.businessinsider.com/congress-nancy-pelosi-kevin-mccarthy-leadership-support-stock-ban-legislation-2022-3">actively considering restrictions</a> on how lawmakers — and potentially their immediate family members — may purchase individual stocks or otherwise invest their personal assets.Lawmakers' interest in pursuing stock trading and investment reforms deepened after Insider's <a href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12">"Conflicted Congress"</a> project in December found that <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9">dozens of lawmakers</a>, and <a href="https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12">at least 182 senior congressional staffers</a>, had failed to comply with the reporting requirements of the STOCK Act. "<keyword id="12727727" type="UNKNOWN" weightage="60" keywordseo="conflicted-congress" source="Orion">Conflicted Congress</keyword>" also found numerous examples of conflicts of interest, <a href="https://www.businessinsider.com/russia-ukraine-congress-stocks-investments-2022-3">including</a> that four members of Congress or their spouses have either currently or recently invested money in Russian companies at a time when Russia has invaded Ukraine.This article was originally published on March 29 and updated to reflect additional Nashville SC investors.

Actress Reese Witherspoon, NFL star Derrick Henry and a Republican senator's 4 children are now all minority owners of Nashville's MLS soccer team

<ul class="summary-list"><li>There have been $166 billion in SPAC-led deals in 2021, while 2020 <keyword id="4675570" type="PERSON" weightage="60" keywordseo="SPACs">SPACs</keyword> raised a record $73 billion in 2020.</li><li>Some say the rise of SPACs is an example of the democratization of early-stage investing. </li><li>Others warn SPACs are a bad deal for retail investors. Here's what eight experts have to say.</li></ul>The <keyword id="10080892" type="UNKNOWN" weightage="60" keywordseo="spac-market">SPAC market</keyword> has been on fire during the pandemic. In fact, 219 special purpose acquisition companies raised <a href="https://markets.businessinsider.com/news/stocks/spacs-raised-73-billion-more-than-traditional-ipos-blank-checks-2020-12-1029906693">a record $73 billion</a> in 2020, representing a 462% year-over-year jump in proceeds raised by blank-check firms.In the first quarter of 2021 alone, there were <a href="https://markets.businessinsider.com/news/stocks/spac-market-q1-statistics-volume-166-billion-growing-adoption-2021-3-1030194528">$166 billion of deals</a> across roughly 400 SPACs currently looking for companies to take public. SPACs are so hot even celebrities like <a href="https://www.businessinsider.com/alex-rodriguez-files-to-form-575-million-spac-slam-baseball-2021-2">Alex Rodriguez</a> and <a href="https://www.businessinsider.com/colin-kaepernick-spac-blank-check-company-social-purpose-mission-advancement-2021-2">Colin Kaepernick</a> are getting involved. Some praise SPACs as a way to give retail investors access to returns from companies with monumental runways for growth when in the past they'd be forced to wait for an IPO to get exposure.On the other hand, some experts - including Andrew Park of Americans for Financial Reform and Renee M. Jones of Boston College Law School - say SPACs should be reined in.In <a href="https://markets.businessinsider.com/news/stocks/spac-boom-sec-retail-investors-blank-check-companies-regulation-2021-3-1030157257">a letter</a> to the House Financial Services Committee, Jones and Park said that they believe SPACs are "fueled by conflicts of interest and compensation to corporate insiders at the expense of retail investors."According to data from "A Sober Look at SPACs" by Klausner, Ohlrogge, and Ruan 2020, average returns for SPACs 12 months after their merger was negative 34.9% between January 2019 and June 2020. With this in mind, Insider talked to professors, registered investment advisors, corporate accounting experts, and more about the risks of SPACs.<h3>Here's what they had to say about what investors should be looking for in their next SPAC investment:</h3>1. "When an investor buys shares in a SPAC before a merger and holds those shares through the time of the merger and thereafter, he is paying at least $10 per share, and these days much more, for something like $7 in cash per share to invest in a target company. Assuming the target knows what it is getting and negotiates with the SPAC accordingly, the SPAC shareholder will bear the cost of that shortfall."Of course, the <keyword id="10892804" type="UNKNOWN" weightage="60" keywordseo="spac-bubble">SPAC bubble</keyword> may continue for a while, and the investor's bet could work out well for that reason. And even before the bubble, some of these deals did work out well for SPAC shareholders. But, an investment in a SPAC merger is either a bet on the bubble, or a bet that the sponsor can create a lot of value for SPAC shareholders following the merger. Historically, such post-SPAC value creation has not been common." - Michael Klausner, Nancy and Charles Munger Professor of Business and Professor of Law at Stanford Law SchoolRead more: <a href="https://www.businessinsider.com/stocks-to-buy-cheap-stocks-to-soar-in-the-value-rotation-jpmorgan-2021-3" target="_blank" rel="noopener">JPMorgan says buy these 50 beaten-down stocks as traders continue to flee high-flyers and pile into cheaper names</a>2. "The main risk with a SPAC versus a traditional IPO is the baseline revenue numbers that are used to value the company. In a traditional IPO, a company cannot use forward guidance (projections) to justify its valuation. The SPAC route allows a company to show projected revenue numbers and get valued off of future earnings. - Mike Murphy, Rosecliff CEO and Managing Partner 3. "Despite all of the hype, investors need to tread very carefully and face two very important decision points: deciding to invest in the SPAC, and the decision to stay with the business combination once it is announced. And making the wrong choice at either of these junctures could come with potentially massive consequences."Therefore, it is imperative that, initially, investors perform independent financial and reputational due diligence of both the investor team and the strategy of the SPAC itself. Once this assessment has been conducted, and an acquisition target is identified, investors will need to ask questions including whether the target is ready to go public, what the history and strength of its management is, and what broader market risks exist, among other things." - Julie Copeland and Sarah Keeling, Partners at StoneTurn4. "SPACs should generally be avoided by retail investors because the SEC is unable to do its normal detailed company review of the IPO, as no operating company has even been identified at that point. As a result, investors would have no idea what they are buying. Invariably, many will suffer losses." - Dr. Howard M. Schilit, Founder and CEO Schilit Forensics, LLC and author of Financial Shenanigans5. "SPAC concerns. 1. SPAC sponsors have different incentives than SPAC investors. Investors have put up most of the capital, while sponsors are usually able to obtain ownership at a discounted price generally through dilution when the SPAC makes an acquisition."Therefore, sponsors have a greater financial incentive to get a deal done and might be less concerned with the longer term returns to investors. 2. Investors face high dilution. Dilution comes from three sources: First, SPAC sponsors compensate themselves with the 'promote' which can be up to 25% of the SPAC's IPO proceeds. Second, investors who redeem their shares prior to IPO receive interest and retain warrants. Third, the SPAC pays underwriting fee for the IPO." - John Ingram, Partner and Chief Investment Officer, at Boston-based RIA Crestwood Advisors. 6. "Given the rapid rise in the number of SPACs there is a lot of capital competing for deals right now, so sponsors may feel the need to overpay in order to get the deal. To this point, we did a quick screen on Bloomberg of U.S. domiciled SPACs and found there are currently 593 SPACs listed. A year ago there were 161. So a significant increase in the number of SPACs. Not all of them are going to find good deals." - Matt Dmytryszyn, Director of Investments, Telemus, an RIA based in Southfield, Michigan Read more: <a href="https://www.businessinsider.com/bitcoin-investing-crypto-hedge-fund-cio-explains-rally-defi-nfts-2021-3" target="_blank" rel="noopener">The CIO of a crypto hedge fund breaks down why bitcoin could rally as high as $400,000 in 2 years - and explains why he's also bullish on DeFi and NFTs</a>7. "While the SPAC universe is likely to continue to grow, we would be cautious and stress that due diligence is extraordinarily important in this space. Its allure is driven by the celebrity names, many of whom have little to no investing experience. In addition, you are taking a bet that an attractive company will appear and if one does not there is opportunity lost as you have tied up money that may have earned more elsewhere (e.g., traditional private equity). - Megan Horneman, Director of Portfolio Strategy at Verdence Capital Advisors 8. "If you go and make an investment like that, you need to be prepared that you could potentially lose all of your money. You could potentially not have any return on your money because it takes two years potentially for this to go through its cycle process of getting an IPO done." - Andrew Smith, chief investment strategist, Delos Capital Advisors who told Insider SPACs are one of the riskiest investments in the market.

The SPAC market is booming, but there are plenty of bad buys. Here's what 8 experts say investors should be looking for in their next SPAC investment.

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Actress Reese Witherspoon, NFL star Derrick Henry and a Republican senator's 4 children are now all minority owners of Nashville's MLS soccer team

Brent D. Griffiths,Warren Roj…

The SPAC market is booming, but there are plenty of bad buys. Here's what 8 experts say investors should be looking for in their next SPAC investment.

Emily Graffeo,Will Daniel

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