Colin Kaepernick SPAC loses lucrative business deal with a social justice-driven lender

Colin Kaepernick, a former NFL quarterback, who is now an activist, lost out on a profitable business deal with a social justice-driven lender, after refusing to promote the business on national television.

As well as for other interviews in the past, Kaepernick refused an appearance for an interview with George Stephanopoulos on “Good Morning America” where he could have actually promoted the minority-focused lender.

Questions were asked about how much companies can benefit from partnering with the former quarterback after the failure of Kaepernick’s special-purpose acquisition company (SPAC) Mission Advancement Corp. to finalize a deal with The Change Company, a lender that prioritizes serving minority borrowers.

Steve Sugarman, Change Company CEO said in a statement after the deal has broken down that “the Change Company would proudly consider a partnership with Mr. Kaepernick yesterday, today, or tomorrow.”

Sugarman also wrote in an email to Mission Advancement Corp. executives where he was even more direct. “There is a real question about whether there is [a] halo effect that translates into investor dollars. We need to question that assumption.”

Kaepernick and his partner at Mission Advancement Corp., Jahm Najafi would have earned a fortune if the deal had gone through, as they would have received founders shares worth $80 million in the new company.