Tuesday, January 18, 2022

By: Sport Industry Group

A special purpose acquisition company (SPAC) backed by golf legend Tiger Woods, among other famous sporting names, has outlined its goal of raising $150m (£110m) through an initial public offering in order to acquire a sports technology business.

In a prospectus filed with the United States Securities and Exchange Commission, Sports & Health Tech Acquisition Corporation said that it would target a “high-growth sports and health technology company with an approximate enterprise value between $600m and $1bn”.

The Cayman Islands-incorporated blank-cheque company, which hopes to complete such a deal within 18 months, said that it would explore businesses that offer “compelling long-term growth prospects, in large, growing global markets”.

In outlining its criteria for identifying the business to acquire, the SPAC added in its filing, “We will seek out a company with a strong product or portfolio that is differentiated with a long-term competitive advantage, enabling us to drive exceptional returns.”

The filing also underlined the desire to “acquire a company with a high performing, world-class team” that demonstrates “a strong track record in the sports and health technology sector”.

Woods was named as a lead investor in the SPAC, while former world number-one tennis ace Caroline Wozniacki and her husband, ex-NBA basketball star David Lee, are also part of the management team.

Additionally, the team includes Woods’ agent Mark Steinberg, the SPAC’s Chief Commercial Officer, and Tiger Woods Ventures executive Christopher Hubman, who will serve as Chief Financial Officer.

The board also features Andrew White, the Executive Chairman of investment fund LeAD Sports, which will sponsor the SPAC.

“We intend to focus on three verticals where our founders and management team have deep expertise, allowing them to add significant value: fan engagement, consumer-facing health and fitness technologies, and health and wellbeing,” the SPAC stated.

“Our management team’s track record of success, deep domain expertise and a unique lens, place us in a competitive position to capture growth across the sports and health technology landscape.”

To raise the capital, 15m units valued at $10 each will be offered through the flotation.

Image credit: Shutterstock

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