Tiger Woods is entering a new business venture as he continues to recover from the car accident he was in last year. According to Sportico, the golf superstar is getting into the sports tech business and is asking for $150 million through a special purpose acquisition company (SPAC). Joining Woods will be tennis star Carolina Wozniacki, former NBA player David Lee and executives at sports technology investment fund Lead.
Woods is the main investor in the company and it is also his first SPAC venture. According to the prospectus, SPAC, Sports & Health Acquisition, will seek to merge with a company specializing in fan engagement, consumer-facing health and fitness technology, and health and wellness. The blank check company is targeting a sports tech company valued between $600 million and $1 billion, according to SportsProMedia.com.
“Our efforts are aimed at identifying a potential target company in the sports and health technology sectors,” the filing said. “We intend to focus on three verticals where our founders and management team have deep expertise, enabling them to add significant value: fan engagement, health and fitness technologies for consumers, and health and well-being. “Our leadership team’s track record of success, deep domain expertise and unique vision positions us competitively to capture growth in the sports and health technology landscape.”
According to Investopedia, a SPAC is a “company that has no business operations and is incorporated strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with a He also says that SPACs “have been around for decades, but their popularity has skyrocketed in recent years. In 2020, 247 SPACs were created with $80 billion invested, and in the first quarter of 2021 alone, a record $96 billion was raised from 295 newly formed SPACs. »
Woods was involved in a car accident outside Los Angeles in February 2021. He suffered serious leg injuries but was able to play a golf tournament with his son Charlie last month. It’s unclear when Woods will play in another tournament, but he has nothing to prove as he has won 82 PGA Tour events, which is the most tied of all time. Woods has also won 15 major championships, second only to Jack Nicklaus.