A deal for Colin Kaepernick’s SPAC to buy a financial services firm fell apart last week, The Wall Street Journal reported.
According to the report, the former NFL quarterback’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 reportedly refused to be a part of a commercial for the lending company that would be broadcast nationally, which voided a multi-million dollar deal.
The Change Company was founded in 2017 to expand access to lending and banking to Black and Latino borrowers and to people living in low-income communities. Mission Advancement went public in March and raised over $300 million in an aim to purchase a socially conscious company.
“The Change Company would proudly consider a partnership with Mr. Kaepernick—yesterday, today, or tomorrow,” CEO Steven Sugarman said in a written statement last week in praising Kaepernick’s commitment to racial justice, the report said.
Kaepernick was planning on merging with another company and using his fame to achieve the mission of their work across different platforms. However, 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.
As you know, Kaepernick has not played a single down in the NFL since the end of the 2016 season that was marred in controversy after he kneeled during the national anthem before gameplay to protest against police brutality and racism in the US.
Not playing in the league has not stopped his cash flow as the former 49ers QB has worked with both Disney and Nike. In 2019, he also settled his collusion case against the National Football League.