Sports
Kevin Durant Takes a Huge Splash in Massive $1.35 Billion Deal
On Wednesday, popular ticket search engine platform SeatGeek announced that it has reached a merging agreement. The company will now become a combined entity with RedBall Acquisition Corporation, a renowned business giant. After the completion of the deal, Brooklyn Nets starlet Kevin Durant is set to purchase the brand. The value of the deal is huge, and Durant will be one of the multiple buyers.
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Earlier, Billy Beane’s SPAC agreed to the merger deal. Neither SeatGeek, nor RedBall were doing particularly well prior to the deal. RedBall in particular, had struggled over the past year. SPAC’s merger with the Fenway Sports Group fell through, meaning that the company lost out on a lot of money. Nonetheless, SeatGeek provides some stability to the company, while RedBall adds industry experience for the ticket sellers to benefit from. Meanwhile, Durant will play a key role in the purchase.
Oct 11, 2021; Philadelphia, Pennsylvania, USA; Brooklyn Nets forward Kevin Durant (7) brings the ball up court against the Philadelphia 76ers during the first quarter at Wells Fargo Center. Mandatory Credit: Bill Streicher-USA TODAY Sports
Kevin Durant part of billion dollar merger deal
Over the years, Kevin Durant has been one of the NBA’s biggest stars. He has starred for the Golden State Warriors as well as Brooklyn Nets as a forward, and shone right through. He is also among some of the richest athletes to still play in the league. And with his latest investment, he has perhaps further staked his claim in this regard. Along with Accel and Utah Jazz owner Ryan Smith, KD will invest in the SeatGeek-RedBall merger.
SeatGeek RedBall Acquisition Corp.
Billy Beane’s SPAC is taking SeatGeek public, and Kevin Durant’s venture fund is buying in.
FOS Sunday from @LiamKillingstad https://t.co/m9IHHgYDMn
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All in all, the partnership will be valued at around $1.35 billion, which is massive. Within this value, comes the private investment in public equity (PIPE). This is where the transaction will be funded by the 11-time NBA All-star, along with others. They will all receive exclusive access to buying shares below the rate of the market. The deal promises a lot in terms of numbers, and Durant is likely to benefit immensely from it.
The billion dollar-worth deal comes as icing on the cake for Kevin Durant, who recently landed with NBA Top Shot too. He is making merry off the court, and will hope to replicate his success on it as well. The former champion begins his campaign with the Nets on the 19th of October.
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