Todd Boehly is leading a deal to take private jet company FlexJet public on the stock market in a move which could boost the Chelsea majority shareholder's spending power by up to $2.3bn (£2bn).
The Spac (Special Purpose Acquisition Company) deal is led by Boehly, with the move designed for companies without commercial operations to raise capital. Flexjet is the leading rival to Walmart billionaire Warren Buffett's Netjet company within the booming private aviation industry in the US.
The company based in Cleveland, Ohio, is being listed in order to raise capital through an initial public offering (IPO) in a merger with Horizon Acquisition Corporation II. This is expected to raise around £2bn in the first year, with Chelsea owner Boehly leading the deal in a move which would also boost his personal wealth and his ability to invest money into the Blues.
