• Loading stock data...
Monday, June 23, 2025

Athlete-Backed SPACs Take Losses

  • Athlete-backed SPACs took losses in 2021.
  • Companies backed by Shaquille O’Neal and Serena Williams have fallen post-mergers.
Serena-Williams-SPAC
Peter Van den Berg-USA TODAY Sports/Design: Alex Brooks

Athlete-backed SPACs had a poor year, as many took losses after their mergers. 

A Bloomberg analysis found that 21 out of 33 celebrity-backed SPACs posted negative returns on the year. While that’s a poor batting average with major indices up 18% to 28% since Jan. 4, these companies have still performed better than the rest of the SPAC category. 

SPACs specifically boosted by athletes generally underwhelmed, too.

  • Beachbody, backed by Shaquille O’Neal, is down over 77% since going public in January.
  • Metal 3D-printing company Velo3D has fallen nearly 32% since its January merger with a Serena Williams-backed SPAC.
  • Others, such as those launched in part by Kevin Durant, Alex Rodriguez, and Colin Kaepernick, have yet to merge with another company and have shown little stock price movement.

SPACs Still Booming

SPAC merger deals totaled $370.6 billion in the first three quarters of 2021, more than double the $139.4 billion in deals in all of 2020.

Irwin Kishner, co-chair of the Sports Law Group at Herrick, Feinstein LLP, told Front Office Sports that “it makes entire sense” for more sports-related companies to strike deals with unpaired SPACs.

“There are a number of sports industry properties that could do well by accessing publicly traded currency.”

Concessions, sports media, esports, virtual reality, other sports technologies, and esports are areas he says are ripe for SPAC deals, adding that “doing a SPAC from a legal vantage is much easier than doing an IPO.”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Kevin Durant Traded to Houston in Blockbuster Deal

Houston was one of Durant’s preferred destinations.
May 26, 2025; Minneapolis, Minnesota, USA; Minnesota Timberwolves guard Nickeil Alexander-Walker (9) and guard Anthony Edwards (5) talk against the Oklahoma City Thunder in the second half during game four of the western conference finals for the 2025 NBA Playoffs at Target Center.

T-Wolves Minority Shareholders Dragged Along As Sale Nears Completion

A minority owner previously sued over the $1.5 billion deal.
Jun 5, 2025; Oklahoma City, Oklahoma, USA; Indiana Pacers guard Tyrese Haliburton (0) passes the ball past Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) during the second quarter during game one of the 2025 NBA Finals at Paycom Center.

Is the Lack of Star Power Fueling the Decline in NBA Finals..

NBA Finals ratings have declined steadily in recent years.

Alcaraz Outlasts Sinner in Longest French Open Final, Wins $2.9M Prize

Sinner is now 0–6 in matches lasting more than four hours.

Featured Today

Mar 15, 2025; Fort Worth, TX, USA; UAB Blazers forward Yaxel Lendeborg (3) dribbles the ball upcourt against the North Texas Mean Green during the first half at Dickies Arena

NIL Is Shrinking the Pool of NBA Draft Entrants

Agents are now advising many players to stay in school.
Apr 24, 2025; Green Bay, WI, USA; Penn State Nittany Lions defensive end Abdul Carter on the red carpet before the 2025 NFL Draft at Lambeau Field
June 21, 2025

‘More Is More’: The Elite Luxury Jewelers Decking Out Athletes

Meet the elite group of luxury designers crafting the biggest statement pieces.
Dec 5, 2024; Miami, FL, USA; FIFA president Gianni Infantino presents the FIFA Club World Cup trophy during the Club Word Cup draw at Telemundo Studios.
June 15, 2025

Revamped Club World Cup Is FIFA’s Billion-Dollar Gamble

The revamped soccer event debuts amid controversy.
Jun 10, 2025; Nashville, Tennessee, USA; United States head coach Mauricio Pochettino stands during the anthem against the Switzerland during the first at Geodis Park
June 14, 2025

Gold Cup Is Complicated for USMNT—but U.S. Soccer Has Its Eyes on..

Uncertain tournament success isn’t fazing forward-looking U.S. soccer.
James Harden

Adidas Posts Big Profits in First Quarter Without Yeezy

Profits and sales are up after selling off remaining Yeezys last year.
Oracle Park
March 18, 2025

S.F. Giants Selling Stake to Private Equity to Pay for Facility Upgrades

The team said the cash would not be used to grow payroll.
March 20, 2025

Nike Struggles Continue, but Signs of Turnaround Appear

The embattled company beats tepid expectations in both revenue and earnings.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Ted Leonsis unpacks basketball’s global rise, media rights, and portfolio ownership.
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
February 14, 2025

DraftKings Turns First Full-Year Profit, Stock Up 47% in 2025

The company’s sports betting business continues to grow despite headwinds.
Billie Jean King
February 13, 2025

Billie Jean King: ‘Billionaires, Not Millionaires’ Are Fueling Women’s Sports Boom

Billie Jean King wants more women involved in team ownership, too.
February 5, 2025

Under Armour’s Desired Turnaround Sees Sparks With Q3 Earnings Beat

The 2010s darling has been struggling to find the right formula.