Former NFL baller Colin Kaepernick’s SPAC, Mission Advancement Corp, was reportedly considering a deal with The Change Company. But things fell apart after the 34-year-old athlete was allegedly unwilling to participate in press interviews, sources confirmed to the Wall Street Journal.
Per the news outlet, Mission was “on the cusp of a deal” with the Change Co., but things apparently took a turn when executives from the company attempted to gain Kaepernick a spot on Good Morning America for an interview.
“Mission executives pushed back,” the Wall Street Journal reported, adding that Kaepernick “would likely have been pressed both about the business and on the protests that made him a controversial figure and stymied his NFL career” on the morning news program.
Kaepernick ultimately refused to participate in press interviews related to the deal, an internal document obtained by the news outlet reportedly revealed, apparently causing the potential agreement to dissolve.
SPACS, or special purpose acquisition companies, are also sometimes referred to as “black check companies.” According to Investopedia, they are “formed to raise money through an initial public offering (IPO) to buy another company.”
A Colin Kaepernick-backed SPAC’s deal with a minority-focused lender collapsed after he balked at stumping for it on TV, people familiar with the matter said https://t.co/yglFSQlOsx
— The Wall Street Journal (@WSJ) December 24, 2021
Per the Wall Street Journal, Mission was looking “for a target with which it will merge, effectively taking that company public,” and had their eyes on the Change Co. around the start of the previous fall season. The football star previously formed the SPAC along with Jahm Najafi. They both reportedly serve as co-chairmen of the company.
And although their potential deal fell through, the chief executive of the Change Co. Steve Sugarman claimed that the company is still open to a partnership with the former San Francisco 49ers player, reportedly sharing in a statement, “The Change Company would proudly consider a partnership with Mr. Kaepernick—yesterday, today, or tomorrow.”