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Boston Red Sox, Liverpool go public with RedBall via SPAC: WSJ

Yahoo Finance’s On The Move panel cover what’s moving the world of finance.

Video Transcript

[MUSIC PLAYING]

- Dan Roberts and Melody Hahm, Word on the Street. Dan, let's start with you. The Boston Red Sox, or at least their owner Fenway Sports Group, going public. How is this all going to work?

DAN ROBERTS: Well. So this is just a rumor at this point, Adam, but, according to the Wall Street Journal yesterday, John Henry has had talks to bring the whole portfolio public via SPAC merger. It's all about the SPAC now. There was also news yesterday that SoftBank is working on a SPAC Bill Ackman has a SPAC, and now SPACs are hitting the sports world, and it's no surprise. Shaq has a SPAC, by the way.

But what John Henry is looking at doing and has held talks to do is bring the Fenway Sports Group, and that includes not just the Red Sox but Fenway Park, Roush Fenway Racing, which is a NASCAR team, Liverpool, the European soccer club, bring it all public by merging it with Red Ball, which is a SPAC from Red Bird Partners. Red Bird, the same firm that just teamed up with Dwayne The Rock Johnson to buy the XFL, and, of course, Red Ball, the SPAC from Red Bird, also has Billy Beane involved, the former A's manager. So a lot of big names involved here.

Red Ball, the SPAC, when it went public in August, did so by saying that the plan eventually is to buy a big sports property. Will that be Fenway Sports Group? Maybe, maybe not. But even if this deal doesn't happen, it's just a sign to me that the sports world is now eyeing SPACs as well. It was already big in tech. We know that's how Virgin Galactic went public/ we know that's how Nikola went public, although that hasn't gone as well. But I just think you're going to see a lot more of these sports-related SPACs down the pike whether or not Fenway does it.