- Singapore-based company briefs Credit Suisse and Goldman Sachs to prepare listing
- Promotion could also raise capital through traditional IPO or additional private investment
Asian mixed martial arts (MMA) promotion ONE Championship is reportedly considering options for a public listing in the United States, including potentially merging with a special purpose acquisition company (SPAC).
Bloomberg reports that the Singapore-based promoter has enlisted Credit Suisse and Goldman Sachs to help prepare for a possible listing, and has already held preliminary talks with several unidentified SPACs.
ONE Championship has declined to comment on Bloomberg’s report, which adds that the company could also seek to raise capital through a traditional initial public offering (IPO) or through further private investment.
Founded in 2011, the promotion is already backed by institutional investors including venture capital firm Sequoia Capital and Singapore’s sovereign wealth fund Temasek Holdings.
ONE Championship bosses have repeatedly claimed that the company has a valuation of around US$1 billion, although the sustainability of its business model has been questioned by MMA industry commentators. In 2019, the company posted losses of S$130 million (US$99 million), a 60 per cent rise on the prior year.
Having built its business by staging events across Asia, the promotion has put its plans for a Stateside debut on hold due to the coronavirus pandemic, but it recently teamed up with its US broadcast partner Turner Sports to create a new digital series specially for American viewers this coming April.
Should ONE Championship strike a deal to go public via a SPAC, it would become arguably the most prominent sports property to do so. To date, SPAC deals in sport have focused on sports-adjacent companies, such as daily fantasy sports operator Draftkings and data giant Genius Sports Group.
Often referred to as blank-cheque firms, SPACs are publicly traded companies formed specifically to make an acquisition, typically within two years of listing.
Asian mixed martial arts (MMA) promotion ONE Championship is reportedly considering options for a public listing in the United States, including potentially merging with a special purpose acquisition company (SPAC).
Bloomberg reports that the Singapore-based promoter has enlisted Credit Suisse and Goldman Sachs to help prepare for a possible listing, and has already held preliminary talks with several unidentified SPACs.
ONE Championship has declined to comment on Bloomberg’s report, which adds that the company could also seek to raise capital through a traditional initial public offering (IPO) or through further private investment.
Founded in 2011, the promotion is already backed by institutional investors including venture capital firm Sequoia Capital and Singapore’s sovereign wealth fund Temasek Holdings.
ONE Championship bosses have repeatedly claimed that the company has a valuation of around US$1 billion, although the sustainability of its business model has been questioned by MMA industry commentators. In 2019, the company posted losses of S$130 million (US$99 million), a 60 per cent rise on the prior year.
Having built its business by staging events across Asia, the promotion has put its plans for a Stateside debut on hold due to the coronavirus pandemic, but it recently teamed up with its US broadcast partner Turner Sports to create a new digital series specially for American viewers this coming April.
Should ONE Championship strike a deal to go public via a SPAC, it would become arguably the most prominent sports property to do so. To date, SPAC deals in sport have focused on sports-adjacent companies, such as daily fantasy sports operator Draftkings and data giant Genius Sports Group.
Often referred to as blank-cheque firms, SPACs are publicly traded companies formed specifically to make an acquisition, typically within two years of listing.
