A special purpose acquisition company (SPAC) called RedBall Acquisition Corp., co-chaired by baseball executive Billy Beane, announced a plan to raise $500 million in an initial public offering. This according to a recent article in Reuters.
SPACs raise money to “pursue an acquisition without telling their investors in advance which specific company they will buy,” the article explains, noting that these vehicles raised more than $19 billion in 2020—already a record for a single year, according to SPAC Research.
Beane rose to fame in 2003 with Michael Lewis’s book “Moneyball: The Art of Winning an Unfair Game,” which chronicles the success of the Oakland Athletics baseball team after using data-driven performance analytics (and inspired the 2011 movie).
The article reports that RedBall is co-chaired by former Goldman Sachs banker Gerald Cardinale and that Goldman is the “sole bookrunner on RedBall’s offering.”