A purpose-built acquired company, a blank check endeavor that wants to take another firm public, has filed for a $150 million fundraising. Tennis player Caroline Wozniacki, retired NBA player David Lee, and officials from the sports technology investment group Lead are among others who have joined Woods in the initiative. The SPAC, Sports & Health Tech Acquisition is Woods’ first SPAC venture, and he is the principal stakeholder in the company. The blank check will want to combine with a firm that specializes in fan interaction, consumer-facing health, and wellness solutions, including fitness and well-being.
Professional golfer Tiger Woods became a potential investor in SPAC and claimed a deal of $150 million after fundraising. Along with Woods, tennis player Caroline Wozniacki and retired NBA player David Lee are the key contributors.
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The firm will be represented by a large number of athletes and executives. Between them is Andrew White, executive chairman of Lead Sports (commonly spelled leAD), a sporting investment group funded by the Dassler family, who founded Adidas. Christoph Sonnen, the company’s CEO, is also a member of Woods’ SPAC. Lead is a host of the SPAC that provides funds for the company’s IPO. The initial prospectus, which was submitted with the Securities and Exchange Commission Friday night, cites the engagement of the Lead CEOs, Woods, and Wozniacki, as being particularly beneficial to the SPAC. Their partnerships and knowledge produce internally developed deal flow, which, when combined with leAD’s deep expertise and subject-matter knowledge, as well as its corporate network, positions the corporation to cite and pick a value-generating intended possibility, as well as generating new intrinsic worth post amalgamation. The SPAC will be headquartered at Lake Nona, a sporting technology hotspot in Orlando, Florida. The existence of the Lake Nona Fund, a new private equity fund focusing on sports technology, is mentioned in the prospectus, as well as how it will help in the hunt for a target firm, according to Sportico.
The Lake Nona Fund is supported by Lead and Tavistock, the investment firm founded by entrepreneur and Tottenham Hotspur member Joe Lewis that focuses on early-stage sports enterprises. Notable executives at Sports & Health Tech Acquisition include Woods’ agent, Mark Steinberg, and Tiger Woods Ventures’ chief financial officer, Christopher Hubman. Jon Voigtman, a former executive of RBC, is the SPAC’s chairman. Participants in the initiative include David Rey, a former managing director at European broadcaster Sky; Alan Hodson, a former executive at investment bank UBS; David Maura, CEO of home and hardware goods manufacturer Spectrum Brands; and Stephen Gartner, a veteran merger & acquisition litigator. Woods joins the ranks of other high-profile sports people in the SPAC realm, including Michael and Mario Andretti, whose SPAC went public, Alex Rodriguez, and Patrick Mahomes. According to Yahoo Sports, they were amongst well over 100 athlete- and sports executive-backed SPACs planning an IPO or looking for a business.
Given that the detailed structure and time range are the most widely offered SPAC parameters of late, Woods’ notoriety does not seem to be commanding a surcharge from the market. These parameters are subject to change once RBC Capital Market values the IPO.
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Sources: Sportico, Yahoo Sports
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