Boston Red Sox owner John Henry is in talks to join with an investment vehicle for an $8 billion deal that would take his famed sports holdings public, according to people familiar with the matter. The deal being discussed would merge Fenway Sports Group LLC, which also owns English soccer team Liverpool Football Club, with RedBall Acquisition Corp. , the people said. RedBall is a so-called special purpose acquisition company launched by private-equity firm RedBird Capital Partners and Oakland Athletics executive Billy Beane. Also known as blank-check companies, SPACs effectively turn the traditional model for initial public offerings on its head by raising money before they develop a business. They use the proceeds to make an acquisition—usually within a couple of years—that converts the target into a public company.

Source: Wall Street Journal October 09, 2020 23:40 UTC