He and his associate at Slam Corp., hedge fund supervisor Himanshu Gulati, want to purchase a enterprise within the sports activities, media, or well being and wellness business – however not a sports activities workforce, he mentioned. (Mr. Rodriguez was additionally an investor within the telehealth firm Hims and Hers, which turned public in a SPAC transaction valuing the corporate at $ 1.6 billion final 12 months.)
Wealthy Kleiman, director and enterprise adviser to Kevin Durant, the All-Star striker for the Brooklyn Nets, mentioned having an athlete on an SPAC advisory board might assist get a gathering with an organization. He mentioned, Mr. Durant had been approached over such an settlement, however determined in opposition to it as a result of he had little management over the path of the corporate.
Whereas Mr. Durant, who with Mr. Kleiman runs a rising media and funding firm, Thirty-5 Ventures, has filed lawsuits, different athletes are lengthening their accounts.
Forest Street, an funding agency, was the entry level for Mr. O’Neal, who was already an investor right here when he contacted its govt director, Zachary Tarica, to take part in its rising SPAC enterprise. O’Neal was advising on his first SPAC, which final month introduced plans to purchase Beachbody, a digital health firm, at a valuation of $ 2.9 billion. He’s now advising for a second Forest SPAC.
Kevin Mayer, a former Walt Disney and TikTok govt who suggested the primary SPAC and helped lead the second, described Mr. O’Neal as “a real entrepreneur,” although he warned of investing in a single. explicit endeavor solely as a result of a well-known particular person was concerned.
“If anybody asks me, I say I shouldn’t undoubtedly make investments on this SPAC as a result of there’s a sports activities star or only one particular person,” he mentioned. “They are going to maintain your complete funding.”
Securities regulators have taken be aware of the assist development of celebrities, which has additionally attracted nonathletes starting from Sammy Hagar to Jay-Z. The Securities and Alternate Fee has issued a investor alert on March 10 warning traders intimately to not purchase shares of an SPAC simply because some daring names are hooked up to it.
