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0/ The WSJ is reporting that $RBAC (Billy Beane & Gerry Cardinale SPAC) is in talks to take Fenway Sports Group (which owns the @RedSox & @LFC) public in a deal that would value them at $8.0B (including debt).
The last Forbes values were $3.3B / $2.2B https://www.wsj.com/articles/red-sox-owner-in-talks-for-deal-with-redball-acquisition-11602286661
The last Forbes values were $3.3B / $2.2B https://www.wsj.com/articles/red-sox-owner-in-talks-for-deal-with-redball-acquisition-11602286661
1/ The group also has a controlling stake of the New England Sports Network. It would join $MSGS (Knicks & Rangers), $BATRA (Braves), $FWON (Formula One), and $MANU amongst publicly traded sports assets.
2/ Looking at recent precedent @MLB transactions this will be the 9th deal in the past 10 years; although Henry will be selling down a stake & this won't be a control sale.
3/ We have talked about the "Financialization of Everything" and think sports teams will be part of this mix. You've seen Dyal Capital formed to invest in LP interests of NBA teams, GSP & Arctos for LP interests broadly.
There are ~264 LP owners currently across the Big 4
There are ~264 LP owners currently across the Big 4
4/ We're seeing this with teams, memorabilia, and other "scarce" assets. In part fueled by this 0% interest rate world. https://medium.com/@John_Street_Capital/the-financialization-of-everything-82a9f1f66ef6
