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Monday, March 01, 2021

Minority owner of YES Network set to buy a share of Boston Red Sox

Sportico reports “RedBird Capital is nearing a deal to acquire more than 10% of Fenway Sports Group for approximately $750 million, according to individuals familiar with the matter.”

The deal values the owner of the Boston Red Sox and Liverpool FC at more than $7 billion, according the people, who were granted anonymity because the matter is private. ... RedBird founder Gerry Cardinale for some time has been trying to acquire a piece of Fenway, which is controlled by John Henry. Cardinale and Red Sox executive Sam Kennedy declined to comment. ... The deal will likely close in the next six weeks.

In an interesting twist, Sportico reports “RedBird also owns a stake of the Yankees Entertainment and Sports Network, the regional broadcaster of the Red Sox rival New York Yankees.”

RedBird is a special purpose acquisition company (SPAC). CNBC describes a SPAC as “essentially a shell company set up by investors with the sole purpose of raising money through an IPO to eventually acquire another company. ... A SPAC has no commercial operations — it makes no products and does not sell anything.

RoyalsRetro (AG#1F) Posted: March 01, 2021 at 11:09 PM | 4 comment(s) Login to Bookmark
  Tags: red sox

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   1. SABRJoe Posted: March 02, 2021 at 02:37 AM (#6007215)
So is this just a smaller deal than the failed merger by Redball SPAC last summer, which is owned by RedBird, but without Billy Beane?
   2. McCoy Posted: March 02, 2021 at 06:45 AM (#6007218)
A SPAC has no commercial operations — it makes no products and does not sell anything.


So the Marlins then. Thank you, I'll be here all week.
   3. jmurph Posted: March 02, 2021 at 08:04 AM (#6007220)
My kids are probably too young to appreciate this now but I'm looking forward to telling them about the time their favorite team's owner's umbrella group was able to sell 10% of the company for so much money. This is even more exciting than cheering for payroll flexibility!
   4. Steve Parris, Je t'aime Posted: March 02, 2021 at 08:15 AM (#6007221)
Billy Beane should not have underwritten that SPAC.

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