Sports and entertainment SPAC Sports Ventures Acquisition files for a $200 million IPO


Sports Ventures Acquisition, a blank check company targeting sports, media, and entertainment, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Bal Harbour, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed deal size, Sports Ventures Acquisition would command a market value of $256 million.

The company is led by CEO and Chairman Alan Kestenbaum, who is currently the CEO of Stelco (TSX:STLC) and Bedrock Industries and is a minority shareholder in the Atlanta Falcons NFL team. He is joined by President, CFO, and Director Robert Tilliss, who is the founder and CEO of sports merchant banking boutique Inner Circle Sports and has been involved in numerous transactions and financing activities of professional sports teams, including leagues such as the NBA, NFL, NHL, and MLB. Sports Ventures Acquisition plans to target the sports, media, and entertainment industries, including businesses in traditional and emerging sports as well as film and television production and infrastructure.

Sports Ventures Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol AKICU. Deutsche Bank is the sole bookrunner on the deal. 

The article Sports and entertainment SPAC Sports Ventures Acquisition files for a $200 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

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