Colin Kaepernick’s acquisition company loses lucrative deal due to refusal to promote, conduct interviews
Colin Kaepernick’s reluctance to promote his work and sit down for high-profile interviews has reportedly cost his company a lucrative deal.
according to Wall Street Journal, Kaepernick’s SPAC (Special Purpose Acquisition Company) was close to completing an agreement to buy The Change Company, a California-based lending company that helps minority borrowers who have had difficulty obtaining loans from traditional banks. The mission statement is “To knock subbanks, fair and responsible.”
A socially conscious company dedicated to helping blacks and Latinos seems to fit in perfectly with Kaepernick, whose activism for social justice and racial equality has made him a celebrity associated with protests. Of course, he̵[ads1]7;s also a controversial figure whose openness to racial injustice probably ended his NFL career.
Men da Kaepernick’s Mission Advancement Corp. approached an agreement with The Change Company, he refused requests to promote the lender. Most notably, Kaepernick would not agree to an interview with Good morning America and George Stephanopoulos. It actually put an end to every chance of a deal.
Related: Disney announces first-look deal with Colin Kaepernick, focusing on race and social injustice
(A SPAC – sometimes called a “blank check company”) raises capital to buy or merge with existing companies. WSJ, Mission Advancement Corp. raised $ 345 million in March after being listed on the stock exchange. Kaepernick is co-chairman of the company with private equity investor Jahm Najafi, also a minority owner of the Phoenix Suns. Other former sports stars who have SPAC include Shaquille O’Neal and Alex Rodriguez.)
Related: Colin Kaepernick collaborates with Medium to produce content focusing on race and civil rights in America
The Change Company understandably hoped that Kaepernick would use his high profile and celebrity position to promote his business. It seems to be in Kaepernick’s interest as well, increasing the value of his company SPAC was to buy. But leaders in Mission Advancement Corp. did not like the idea of Kaepernick being asked about his business or his protests, especially kneeling during the national anthem while still an active NFL player.
Still, it should come as no surprise that Kaepernick refuses to do interviews. Campaign for the Netflix series Colin in black and white, based on his high school years, was left to producer Ava DuVernay.
Related: Colin Kaepernick will publish memoirs in 2020 through Kaepernick Publishing, his new publishing company
Interestingly, Netflix had agreed to invest in Mission’s agreement with Change Co., but had not fully committed when the agreement fell apart. Others who promised investments include actress Tyler Perry and WNBA stars Diana Taurisi and Maya Moore. Nevertheless, several prominent Wall Street firms declined, many of which have invested in other SPACs. Nike, Oprah Winfrey and Serena Williams were also among those who did not want to commit to an investment.
Mission Advancement Corp. probably hopes to use Kaepernick’s profile to attract investors. But if he does not want to use his celebrity status to promote deals and acquisitions, it could sour future potential investors.
Related: NFL sideline reporter Michele Tafoya collides with “The View” hosts over Colin Kaepernick, vaccines and more
[Wall Street Journal]
