Kevin Durant Takes a Huge Splash in Massive $1.35 Billion Deal
Follow Us
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.
WATCH THIS STORY: Moments to Look Out for in the League’s Short Film NBA Lane That Commemorates Their 75th Anniversary
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.
ADVERTISEMENT
Article continues below this ad
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
— Front Office Sports (@FOS) October 17, 2021
ADVERTISEMENT
Article continues below this ad
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.
Trending
“Kissing & Hugging Too Much”: Charles Barkley Claims Michael Jordan Had No Friends, Warns Anthony Edwards of Tough Future
April 30, 2024 07:00 AM EDT
Focused on 1 Skill Before WNBA Debut, Caitlin Clark Reflects on Chemistry With Indiana Fever Teammates
May 01, 2024 02:51 PM EDT
Caitlin Clark Reflects on 1 Vital Virtue for Indiana Fever Before Her WNBA Debut
May 02, 2024 08:40 AM EDT
Carmelo Anthony Catches Ex-Wife La La’s Attention While Aboard Son Kiyan’s Hype Train
April 29, 2024 12:00 PM EDT
Bronny in Deep Waters as $800,000 Suffering Forces LeBron James’ Son to End College Career With Major Declining Numbers
April 27, 2024 01:45 PM EDT
Get instantly notified of the hottest NBA stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
ADVERTISEMENT
Article continues below this ad
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.