*Colin Kaepernick could be doing more harm than good in helping his SPAC (Special Purpose Acquisition Company) succeed in furthering causes he believes in.
Awful Announcing (via the Wall Street Journal) reports the SPAC, Mission Advancement Corp., was close to finalizing a lucrative deal to acquire California-based lending firm The Change Company, but hopes were dashed, due to Kaepernick’s refusal to promote his work and do interviews. The Change Company is known for helping minority borrowers who have had difficulty getting loans from traditional banks. The firm’s mission statement is “To bank the underbanked, fairly and responsibly.”
Kaepernick’s refusal to do interviews is no surprise, considering he has maintained that stance since his fallout with the NFL over speaking out against racial injustice via kneeling during the singing of the National Anthem when he was an active NFL player. Kaepernick’s stance has gone beyond sports, as evidenced by the promotion for the Netflix series “Colin in Black and White.” The show, which is based on Kaepernick’s high school years, has producer Ava DuVernay doing the promotion instead of the sports star turned activist.
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With The Change Company deal, Kaepernick’s interview avoidance has proven to be a negative. The WSJ noted how Kaepernick refused to promote the lender, pointing out a major opportunity missed when Kaepernick wouldn’t agree to an interview with “Good Morning America” and George Stephanopoulos. That conflict ultimately doomed the deal.
Regarding interviews, the WSJ reports that Mission Advancement Corp. executives were not in favor of Kaepernick being asked about the business nor his protests, notably Kaepernick’s kneeling during the national anthem when he was an active player in the NFL.
Considering how passionate Kaepernick is about fighting racial injustice, the no interview stance is puzzling. Kaepernick currently serves as a co-chairman of Mission Advancement with private equity investor and Phoenix Suns minority owner Jahm Najafi. The company made news in March when it raised $345 million after going public.
Kaepernick’s alliance with Mission Advancement Corp. was made with the hope that Kaepernick’s high profile would attract investors. Among those who pledged investments are actor/director Tyler Perry and WNBA stars Diana Taurisi and Maya Moore. The Change Company had the same hope, with the added bonus of Kaepernick promoting its business and boosting the company’s value.
Initially, Netflix agreed to invest in Mission’s deal with Change Co. but did not fully commit when the deal fell through. In addition to Netflix, Nike, Oprah Winfrey, and Serena Williams were those who would not commit an investment.
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