Crystal Palace partial owner Eagle Football will not be floating in New York, as the Iconic Sports Acquisition (NYSE:ICNC) company will now be wrapped up and fully redeemed by its investors.
Eagle Football – which owns outright French side Olympique Lyonnais, FC Florida, Rio De Janeiro based Botafogo, and Brussel’s RWD Molenbeek – previously extended a deadline to complete a so-called SPAC deal with Iconic, though that now expires at the end of September 26.
Shareholders of Iconic Sports will receive $10.82 per share upon redemption, on October 11.
Iconic, effectively a cash-shell, was listed with an IPO price of $10.00 in October 2021. At that time it raised $345 million – of which $75 million was invested in Eagle Football to support its acquisition of Lyon.
Eagle Football early in 2023 sought to come to market through the SPAC deal and would’ve raised further funds whilst targeting at $1.2 billion market valuation. It is led by former FuboTV chair John Textor.
The unlisted company retains its 40% stake in Crystal Palace and its other football clubs.
Iconic Sports, meanwhile, was set up by professional Wall Street investors Jamie Dinan and Alexander Knaster who have other sports franchise investments, with the former co-owning the NBA’s Milwaukee Bucks.