Matthew C. Hong is a former Turner Sports executive that knows how to get things done. He decided to take part in a SPAC which is owned by two investors related to many fields such as sports technology, e-sports, media and technology businesses.
According to his LinkedIn profile, Hong is an independent director of SPAC, having served as a business consultant since 2019, including Nascar. In the past, Hong held several positions at Turner Sports and joined with the NBA, MLB, March Madness, PGA Tour and UEFA Champions League.
In addition, he also has his own SPAC called Newbury Street which is estimated to go public at $120 million in its IPO this March. This may be the start of bigger things to come.
The SPAC’s two investors and executives are Paige Craig – an investor in Lyft and Omaze, and Felix Yun Pun Wong – the principal of a financial consulting firm. These moves are in line with the industry, and will likely create gains.
This corporation’s target areas include technology, media and telecommunications, sports, non-gambling games and entertainment. It also has filed a $90 million IPO with the Securities & Exchange Commission.
Inception thinks that sports analytics will be one of the greatest alternative revenue streams for sports organizations. Data-driven platforms and artificial intelligence will be an essential part in understanding the consumers’ behavior in the future.
After almost coming to a standstill this early year, the market for this investment seems to be reviving. According to Sportico Sports SPAC Tracker, there are 144 active SPACs concentrated on finding sports businesses or involving a sports executive.
Besides, some typical names registering for the IPO last week include Williams Rowland, Harry Sloan và Jeff Sagansky, Dhani Jones, tennis player Grady Burnett and previous New York Jets president Neil Glat.
These vehicles are likely to become more popular as smaller businesses seek funding from public markets.