Alex Rodriguez’s latest business move is nine figures deep.
Slam Corp., a blank check company backed by A-Rod and hedge fund Antara Capital, is seeking a $500 million IPO.
The SPAC plans to target acquisitions in the “sports, media, entertainment, health and wellness, and consumer technology sectors,” according to its prospectus filed Thursday.
Slam specified that it doesn’t intend to buy into professional sports franchises.
- Despite those plans, retired Walmart e-commerce chief Marc Lore — who has expressed interest in buying a team — is a special advisor to the SPAC.
- Lore was also part of the A-Rod and fiancee Jennifer Lopez-led investor group that lost out to Steve Cohen on a bid for the New York Mets in August.
Founded last year, Slam is backed by Rodriguez’s A-Rod Corp, which has invested in companies like fitness studio franchise TruFusion and UFC Gym.
Other Slam investors include sports and media executive Kelly Laferriere, QuantumScape founder Jagdeep Singh, and film/TV director Reggie Hudlin.
The move comes shortly after A-Rod joined Miami-based private equity firm CGI Merchant Group to invest in hotels. The group is looking to raise $650 million.
There were 40 SPACs that are sports-focused or headed by sports figures as of December. Houston Rockets owner Tilman Fertitta, former NBA player Shaquille O’Neal and Oakland A’s executive Billy Beane are among those involved.
Together, the sports SPACs have raised or plan to raise $16.3 billion in capital.