Google the phrase “Shaquille O’Neal investor,” and you will be inundated with a list of activities that, much like his physique, is strikingly large, The Wall Street Journal writes today. The latest area of interest: advising blank-check companies.
The hoops great isn’t alone. A list compiled by The Wall Street Journal in March catalogs a growing roster of star athletes and sports executives who count themselves as investors or advisers in SPACs. They include Serena Williams, Stephen Curry, Naomi Osaka, Tony Hawk and Colin Kaepernick. As of last month, there were 61 sports-related SPACs formed this year alone compared with just five for the entirety of 2019, according to the sports business publication Sportico.
The SEC has warned that a celebrity affiliation, by itself, is no reason to invest in a SPAC. Read more.
