RedBall Acquisition, a blank check company formed by RedBird Capital targeting the sports industry, raised $500 million by offering 50 million units at $10.
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Each unit consists of one ordinary share and one-third of a redeemable warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with RedBird Capital.
The company is led by Co-Chairman Gerald Cardinale, the founder and Managing Partner of RedBird, which has partnerships with several professional sport leagues; Co-Chairman Billy Beane, the EVP of Baseball Operations for the Oakland A's best known for his depiction in the book and movie Moneyball; and CEO Alec Scheiner, a Partner at RedBird and a former executive for NFL teams the Dallas Cowboys and Cleveland Browns. The company plans to target businesses in the sports, media, and data analytics sectors, with a focus on professional sports franchises, including European soccer.
RedBall Acquisition plans to list on the NYSE under the symbol RBAC.U. Goldman Sachs acted as lead manager on the deal.
