July 28, 2020 / 11:45 AM / 8 days ago

Billy Beane, of 'Moneyball' fame, looks to raise $500-mln SPAC

July 28 (Reuters) - RedBall Acquisition Corp, a special purpose acquisition company (SPAC) co-chaired by baseball executive Billy Beane and former Goldman Sachs banker Gerald Cardinale, said on Tuesday its would seek to raise $500 million in its initial public offering (IPO).

The offering on the New York Stock Exchange will consist of 50 million units - a combination of shares and warrants.

SPACs typically raise money in an IPO to pursue an acquisition without telling their investors in advance which specific company they will buy. A clutch of private companies have gone public this year by merging with blank-check companies.

Beane is the baseball general manager whose story was the subject of Michael Lewis’ bestselling book “Moneyball: The Art of Winning an Unfair Game”. He was portrayed by Brad Pitt in the film adaptation.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni

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