Enhanced Games to go public in US$1 billion merger with A Paradise Acquisition
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The Enhanced Games are due to hold their inaugural meet in Las Vegas in May 2026 with competitions in freestyle and butterfly.
PHOTO: THE ENHANCED GAMES/FACEBOOK
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NEW YORK – The Enhanced Games, an Olympic-style sports meet welcoming performance-enhancing drugs and backed by billionaire Peter Thiel, are in advanced talks to go public through merging with special purpose acquisition company A Paradise Acquisition, people familiar with the matter said.
The deal would value the business at about US$1 billion (S$1.3 billion), the sources said, declining to be identified because the information is private.
The Enhanced Games and the blank-cheque firm have been in discussions with several investors to back the transaction through private investment in public equity, or PIPE, some of the people said.
A Paradise Acquisition raised US$200 million in an initial public offering in July, according to data compiled by Bloomberg. The company said at the time that it intends to focus on businesses in the leisure and entertainment sector.
An announcement could come as early as in the next few days, the people said. But while deliberations are advanced, they could still be delayed or even fall apart.
A representative for the Enhanced Games declined to comment, while a spokesperson for A Paradise could not be reached for comment.
Founded by Aron D’Souza in 2023, the Enhanced Games promise an annual meet allowing competitors to use performance-enhancing drugs and featuring track and field, swimming, weightlifting and other sports.
It is also backed by German entrepreneur Christian Angermayer and Balaji Srinivasan, a crypto investor and ex-Coinbase executive.
The concept has been slammed by the International Olympic Committee and anti-doping authorities as a violation of fair play and dangerous for athletes’ health. Most sports leagues and federations globally ban performance-enhancing drugs.
The Enhanced Games are due to hold their inaugural meet in Las Vegas in May, with competitions in short-distance swimming in freestyle and butterfly, as well as in athletics and weightlifting.
Olympic silver medallist swimmer Ben Proud and sprinter Fred Kerley, who won a bronze in the 100m at the Paris Olympics, are among those that have agreed to compete in the upcoming event.
Competitors in the Enhanced Games will earn “top-tier appearance fees and prize money, with additional bonuses reaching up to seven figures for setting new world records”, says their website.
They will be required to undergo medical screenings and can only take substances approved by the US Food and Drug Administration, such as anabolic steroids and growth hormones, according to Angermayer.
In an interview with Bloomberg News in 2024, Angermayer said many anonymous surveys have shown doping is widespread among athletes in competitive sports. BLOOMBERG
