Sportradar and Horizon Acquisition Corp. II, a SPAC led by Los Angeles Dodger co-owner Todd Boehly, are walking away from a potential deal to take the sports data provider public, according to people familiar with the matter.
Sportradar will instead try to go public through a more traditional IPO, said one of the people, who was granted anonymity because the matter is private. It’s unclear when that process would begin.
Sportradar and Horizon agreed in March on a deal that would take the company public at a $10 billion valuation. Since that letter of intent was signed, the market for SPACs—and for the large private investments that are often required—has dried up. The two sides extended their negotiating window last month to continue conversations with institutional investors, but a formal agreement was never reached.
Sportradar has been pursuing the option for a traditional IPO since last summer.
A representative for Sportradar declined to comment. Boehly didn’t immediately respond to an inquiry.