Basketball icon Michael Jordan now part owns and advises the board of $7.6 billion Sportradar, a sport-data provider. Yet investors seem down on the company with its valuation lagging that of data SPAC Genius Sports, KarenKKwok says.
Michael Jordan will increase his investment in Sportradar and serve as a special adviser to the company's board, the sports gambling data company said on Sept. 20.
Shares in Sportradar ended 7% lower than its $27 debut price in a New York stock exchange on Sept. 14, valuing the company at $7.9 billion. The company on Sept. 13 priced its offering at $27 per share, the middle of its indicated range. The company pursued the traditional initial public offering route after abandoning plans for a merger with a special-purpose acquisition company earlier this year. It raised net proceeds of $672 million from the offering. Eldridge and Radcliff Management, as well as some other investors, would buy $159 million of its Class A ordinary shares at the IPO price via a private placement.
The Canada Pension Plan Investment Board is currently Sportradar’s largest investor while other investors include Jordan, Mark Cuban and Ted Leonsis.Source: REUTERS/Benoit Tessier Charlotte Hornets owner Michael Jordan during a pre match press conference, Paris, France, January 24, 2020.
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