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Tuesday, April 16, 2024
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Billy Beane SPAC Close to SeatGeek Merger

  • A SPAC led by Oakland A's executive Billy Beane and Redbird Capital founder Gerry Cardinale is close to a merger with SeatGeek.
  • SeatGeek was most recently valued at $571 million.
Scott Wachter-USA TODAY Sports/Design: Alex Brooks

A baseball executive famous for spotting market inefficiencies is getting in on the ticketing business.

RedBall Capital, a SPAC led by Oakland A’s executive vice president and minority owner Billy Beane and Redbird Capital founder Gerry Cardinale, is close to a merger with ticketing company SeatGeek. 

Beane rose to fame as the subject of Michael Lewis’ 2003 book “Moneyball” and its subsequent movie adaptation.

  • The SPAC raised $575 million in August 2020 through an IPO.
  • SeatGeek has raised over $290 million and was last valued at $571 million, according to Pitchbook.
  • SeatGeek’s team partners include the Dallas Cowboys, New Orleans Saints and Pelicans, Cleveland Cavaliers, Manchester City, and a handful of other U.S. and European soccer teams.

RedBird has been active in sports investments, buying a 15% stake in the Indian Premier League’s Rajasthan Royals in June while holding stakes in the YES Network, XFL, and Fenway Sports Group. 

Last month, it was reportedly closing in on a major investment in LeBron James’ SpringHill Company, along with Nike and Fenway Sports Group.

The move comes while the New York Mets are openly courting Beane to lead their baseball operations. Beane would have to sell his stake in the A’s in order to take the job.

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