• Loading stock data...
Saturday, June 22, 2024

Tiger Woods Launches Sports-Focused SPAC

  • A Tiger Woods-backed SPAC filed for an IPO on Thursday.
  • It will target consumer-facing sports and health-tech companies.
Tiger-Woods-SPAC
Jeremy Reper-USA TODAY Sports/Design: Alex Brooks

Tiger Woods is raising $150 million to make a move in the wellness sector.

The golf legend’s SPAC, Sports & Health Tech Acquisition Corp., filed for an IPO on Thursday with plans to acquire a company in sports and health technology. The SPAC will target companies with $600 million to $1 billion in enterprise value.

Unlike scenarios in which an athlete joins a SPAC with a relatively small investment to help bring attention to the venture, Woods is a lead investor in the project.

  • After the IPO, it will be around 19.5% owned by its chairman Jon Voigtman, CEO Andrew White, who is also the chairman of leAD Sports, and CFO Christopher Hubman, who has the same role at Woods’ company TGR.
  • Bloomberg analysis found that 21 of 33 athlete-backed SPACs lost money following their mergers in 2021 but still performed better than other SPACs as a whole.

On Thursday, racing legend Michael Andretti raised $200 million through a SPAC, targeting the automobile industry with an eye toward electric and autonomous vehicles.

Tiger’s Empire

While this is Woods’ first SPAC, he launched TGR in 2016 to unite several business ventures. To date, Woods has focused on golf course design, golf tournaments and events, and a restaurant business called The Woods.

The SPAC could be Woods’ foray into consumer-facing technology.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
Sponsored

How Duracell is Making Fans Fall in Love with F1 Racing

Nobody expected this household brand to become F1’s newest darling.

Architect of LIV Golf Deal Departs the PGA Tour. What Happens Next?

PGA Tour policy board member Jimmy Dunne has resigned.
podcast thumbnail mobile
Front Office Sports Today

How Women’s Sports Media is Charting Its Own Path

0:00

Featured Today

Jan 3, 2022; Pittsburgh, Pennsylvania, USA; General view of the NFL shield logo signage before the Pittsburgh Steelers host the Cleveland Browns at Heinz Field.

Odds Stacked Against NFL in Multibillion-Dollar Sunday Ticket Trial

Why the class action trial does not look promising for the league.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
June 8, 2024

‘Experimental in Nature’: The Rapid, Confounding Rise of Streaming Bundles

Here’s why confusion continues to outweigh solutions in the streaming package boom.
June 2, 2024

The Nostalgia Market: Michael Jordan’s Memorabilia Remains Coveted, With Caveats

Due to scarcity, and sometimes, items’ undisclosed whereabouts, this world has limitations.

Caitlin Clark Continues to be Enormous Box Office for the WNBA

Sunday’s Fever-Sky game was the most-watched WNBA broadcast in 23 years.
Mar 10, 2024; St. Petersburg, Florida, USA; Indycar driver Josef Newgarden (middle) celebrates winning the Grand Prix of St. Petersburg. Indycar driver Patricio O'Ward (left) celebrates winning second and Indycar driver Scott McLaughlin (right) celebrates winning third.
June 14, 2024

The Highest-Paid IndyCar Drivers

Marcus Ericsson earns $3.1 million to lead the way as the highest-paid IndyCar driver.
June 18, 2024

The Celtics’ $600 Million Duo Fits Comfortably Under the NBA Salary Cap for Now

Boston has another year before its title core starts getting prohibitively expensive.
Sponsored

How HOKA is Reimagining the NIL Relationship

HOKA, the renowned athletic footwear and apparel brand, is betting on a new reality with NIL.
June 13, 2024

Everything You Need to Know About the Schism Rocking Competitive Eating

The business story about hot dogs that you never knew you needed.
June 13, 2024

Why Alexis Ohanian Thinks Women’s Track Is Ripe for Heavy Investment

The serial sports investor explains his plans for women’s track to ‘FOS.’
May 14, 2024; Uncasville, Connecticut, USA; Connecticut Sun forward DeWanna Bonner (24) signals to the crowd as they take on the Indiana Fever in the second half at Mohegan Sun Arena. Mandatory Credit: David Butler II-USA TODAY Sports
June 13, 2024

The Highest-Paid WNBA Small Forwards

DeWanna Bonner earns $200K with the Sun to lead as the highest-paid WNBA small forward.
May 10, 2024; Lake Forest, IL, USA; Chicago Bears quarterback Caleb Williams during a press conference before Chicago Bears rookie minicamp at Halas Hall.
June 13, 2024

Caleb Williams Launches Investment Firm Before Signing a Bears Contract

Williams announced 888 Midas for private equity, VC, and real estate deals.