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Sunday, April 14, 2024
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Durant’s $200M SPAC Will Focus On Sports Acquisitions

  • Kevin Durant has launched Infinite Acquisition Corp., a blank-check company.
  • The SPAC filed for a $200 million IPO on Wednesday.
Bill Streicher-USA TODAY Sports/Design: Alex Brooks

NBA star Kevin Durant has launched Infinite Acquisition Corp., a blank-check company that filed for a $200 million initial public offering on Wednesday.

The SPAC will sell 20 million shares at $10 apiece and has pledged to redeem 100% of the shares for cash if it fails to acquire a company to take public within 18 months of its IPO.

Infinite will focus on acquisitions in sports, e-commerce, and cryptocurrency.

Durant serves as co-CEO of Infinite with Rich Kleiman, his business partner in Thirty Five Ventures, a VC firm launched by the duo in 2016.

Infinite adds to Durant’s growing list of investments in sports and tech.

  • In March, he invested in Andbox, an esports organization and team operator.
  • He took part in a $3.5 million seed funding round for Just Women’s Sports in May.
  • He participated in a Series B round in July for OpenSea, an auction platform for NFTs.
  • He joined in a $15 million round for collectibles trading app Rally in October.
  • The same month, he was part of a group that invested $100 million in SeatGeek.

The two-time NBA champion is set to earn $87.9 million in 2021-22 between his $40.9 million salary and an estimated $47 million from off-court ventures.

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