Former NFL and On Location Experiences executives have formed a new sports and entertainment blank check company called Sports Entertainment Acquisition.
The special purpose acquisition company (SPAC) filed on Monday with the SEC to raise up to $350m in an initial public offering and is targeting services associated with sports and entertainment, including ticketing, media, payments processing, travel, gaming, and loyalty programs.
The Florida-based firm will be led by Eric Grubman, former chairman of premium experiential hospitality business On Location Experiences and former NFL executive vice president of business operations, and John Collins, former On Location Experiences chief executive and former NHL chief operating officer.
Sports Entertainment Acquisition said many companies in the sports and entertainment sectors “achieve high growth” and “have the potential to serve as platforms that can be utilised for future acquisitions.
The filing added: “The application of third-party capital and expertise has the potential to enable growth outside of the original focus area. Examples of businesses that have followed this trajectory include ESPN, Ticketmaster/StubHub, Fanatics, On Location and many others.”
This year has seen several private companies go public by merging with SPACs, which are shell companies that have no operations but plan to go public with the intention of acquiring or merging with a company with the proceeds of the SPAC’s initial public offering (IPO).
In August, Eventbrite co-founder Kevin Hartz revealed plans to raise up to $230m in a blank check IPO with the aim of completing a reverse merger with a yet-to-be revealed technology firm.