Gerry Cardinale, CEO of Redbird Capital Partners LLC, sits down for a photograph in New York.
Griselda San Martin | Bloomberg via Getty Images
Private investment firm RedBird Capital Partners has announced that it has filed an application with the Securities and Exchange Commission as it seeks to go public with a new company for blank checks.
The company, RedBall Acquisition, has requested to be listed on the New York Stock Exchange under the symbol “RBAC.U”, according to a statement announcing the filing. RedBall wants to raise $ 500 million to be used to fund the special-purpose acquisition company, or SPAC.
SPAC companies are generally used to raise money, which is held in deposit for two years, while officials seek to acquire distressed or for-sale companies.
Although RedBall is free to acquire a company in any sector, “it intends to focus on business in the sports, media and data analytics sectors, with a focus on professional sports franchises,” the statement said.
This is not the first time that a company has attempted to use a SPAC to acquire sports related properties. Andrew Murstein, president and chief operating officer of Medallion Financial Corp., launched Sports Properties Acquisition Corp. in 2008, joining forces with Major League Baseball League baseball legend Hank Aaron and former New York Governor Mario Cuomo. The company closed in 2010.
RedBird is a big player in the private equity sector, with companies like the New York Yankees Network YES in its portfolio. The firm is chaired by former Goldman Sachs executive Gerry Cardinale, who also participated in the formation of Legends Hospitality with the Yankees and Dallas Cowboys.
On July 20, RedBird also announced that it purchased 85% of the French soccer team, Toulouse Football Club, from owner Olivier Sadran, who will retain a 15% stake in the club and remain on the member board of directors.
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