Colin Kaepernick loses millions after acquisition company's lucrative deal collapses

Colin Kaepernick at his NFL Workout
Colin Kaepernick at his NFL Workout

Former NFL quarterback Colin Kaepernick has taken a different path since he last played in the National Football League. Dedicating his life to social change and activism, Kaepernick is trying to make a difference off the field.

According to recent reports, Kaepernick's Special Purpose Acquisition Company, Mission Advancement Corp., was unable to strike a deal with "The Change Company."

"The Change Company" is a lending company that works with minority owners who have social change campaigns. Kaepernick apparently refused to be a part of a commercial for the lending company that would be broadcast nationally, essentially voiding a multi-million dollar deal.

“There is a real question about whether there is [a] halo effect that translates into investor dollars.”- The Change Company CEO Steve Sugarman

Can Colin Kaepernick still use his name for publicity?

Former NFL quarterback Colin Kaepernick created the Mission Advancement Corp and raised over $300 million by the time it launched in March 2021. At the time, Kaepernick was planning on merging with another company and using his fame to achieve the mission of their work across different platforms.

But Kaepernick is not willing to make the commitment to finalize the deal and do the publicity and public relations needed to promote the social change that the deal would bring.

It now presents a question to other possible lenders and investors of whether they would want or should invest in Kaepernick and his social change initiatives.

Other companies who may have been interested in working with Kaepernick because of his name and familiarity may no longer be interested.

Others will refer to Kaepernick as having the "halo" effect because of the the attention he would attract, which would surround him like a halo.

As of right now, the attention that Kaepernick may attract may not be beneficial. The former NFL quarterback, who hasn't played since 2016, essentially left the game to work on social justice issues. If he can't finalize a deal that would have been lucrative for him and other social justice and change campaigns, then what is the point in working with his SPAC?

That will be a question that other investors and lenders will pose, causing Colin Kaepernick to possibly lose out on more opportunities.

Since he last played in the NFL, Colin Kaepernick has worked with both Disney and Nike. Those deals have promoted his social change campaigns in a positive manner, which is why the most recent failed deal is interesting.

Quick Links

Edited by Piyush Bisht
Be the first one to comment