Golf Legend Tiger Woods Gets Into The SPAC Business
If you think too many athletes are launching special-purpose acquisition companies (SPACs), then hold your beer; golf legend Tiger Woods…
If you think too many athletes are launching special-purpose acquisition companies (SPACs), then hold your beer; golf legend Tiger Woods is joining that clique. A SPAC in which he’s the lead investor has filed for an initial public offering (IPO) to raise up to $150mn.
Sports & Health Tech Acquisition Corporation has filed for a listing on the Nasdaq stock exchange, seeking to raise $150mn by selling 15 million share units for $10 each. Tiger Woods is the lead investor in the SPAC, and its management team includes two other people that currently work with him. The SPAC’s Chief Commercial Officer is Mark Steinberg, a professional sports agent who has represented Woods for over 25 years. The finance chief, Christopher Hubman, is currently the Chief Financial Officer (CFO) of Tiger Woods’ TGR Ventures.
- Sports & Health Tech Acquisition Corp. says it’ll merge with a company in the sports and health-tech sectors with an approximate enterprise value of between $600mn to $1bn. It has an 18-month window from the closing of its IPO to find a merger target, the usual time frame with most SPACs.
- Woods is a lead investor in the SPAC, unlike most athletes involved in SPACs who are minor shareholders recruited for their clout and influence. The golf legend is joining an elect clique of athletes who have backed SPACs. Others in that clique include tennis champion Serena Williams, basketball star Stephen Curry, baseball legend Alex “A-Rod” Rodriguez, and basketball Hall of Famer Shaquille O’Neal. But beware, analysis shows that most athlete SPACs have brought negative returns to their investors.
- Along with Woods, former pro tennis player Caroline Wozniacki and former NBA player David Lee are also notable athletes involved in Sports & Health Tech Acquisition Corp. They’re part of the team that’ll lead the search for a merger target.
Woods is an American pro golfer regarded as one of the greatest golfers of all time. He’s also a prolific businessman with interests in the sports and hospitality sectors, encompassing golf courses, live sports events, and restaurants. In his career, he’s invested in several startups and tech companies, including Google, in its early days.
- Sports & Health Tech Acquisition Corp. has filed to list on the Nasdaq exchange with the trading symbol “LDSPU.”
- RBC Capital Markets, a global investment bank, is the sole book-runner of the listing.