Billy Beane Photo by Jane Tyska/MediaNews Group/The Mercury News via Getty Images
RedBall Acquisition stated that it is in discussions with SeatGeek regarding a possible business combination.
RedBall Acquisition is a sports-industry-focused SPAC led in part by Oakland A's exec Billy Beane.
RedBall shares were suspended Friday in the absence of a statement from Bloomberg about the deal.
RedBall Acquisition is a company that was founded to acquire special purpose companies. It is headed in part by Billy Beane, an Oakland A's executive.
RedBall's Friday statement confirmed a Bloomberg report about talks taking place between SPAC and the privately-held company whose search engine allows them to buy tickets for concerts and sports events.
RedBall Acquisition shares were suspended Friday afternoon in anticipation of a statement. This year, the stock has fallen by about 9%.
Bloomberg reported that a deal could be reached as early as this week, if possible, citing a source unnamed who is familiar with the matter.
RedBall stated that there is no guarantee that a final agreement will be signed. This was in reference to its discussions with SeatGeek regarding a possible business combination. RedBall did not include any potential terms in its statement.
RedBall, whose August 2020 IPO raised $575m, was reportedly in discussions earlier this year to purchase a minority stake at Fenway Sports Group. However, the talks ended. Fenway Sports Group owns the Boston Red Sox baseball club and Liverpool Football Club, which is part of England's Premier League soccer league.
RedBall's management team also includes Beane. His use of analytic data to hire new players in spite of the Oakland A's tight budget is documented in Michael Lewis' 2003 book, "Moneyball," about baseball economics. Beane was later portrayed by Brad Pitt in a movie.
Gerald Cardinale is the RedBall's founder. He was formerly a partner in Goldman Sachs and founded RedBird, an investment firm. He was also the co-creator of Yankees Entertainment & Sports Network (YES).
