• Business Combination Facilitation: Three Lions Acquisition provides the financial vehicle and management expertise to identify, acquire, and merge with an existing operating business, enabling it to become a publicly traded company.

Three Lions Acquisition (TLAC) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). Its primary purpose is to raise capital through an initial public offering and then use those funds to acquire an existing private company. As such, TLAC does not have traditional major customers to whom it sells products or services.

Therefore, Three Lions Acquisition does not have major customers in the conventional sense.

Brett Matthew Johnson, Chief Executive Officer

Mr. Johnson is the Chief Executive Officer and Partner at Benevolent Capital Partners, LLC. He previously worked in private equity and managed the computer-accessories company Targus for approximately five years. He has been involved with Phoenix Rising FC, Rhode Island FC, and Ipswich Town through the Gamechanger 20/Three Lions ownership group. Mr. Johnson is also a co-founder and co-managing director of Three Lions Capital Management.

Harry Brandler, CFO & Director

Mr. Brandler manages his family office, Brandler.

Berke Bakay, Chairman

Mr. Bakay is a co-founder and co-managing director of Three Lions Capital Management. He is a sports investor and serves as co-chair of Phoenix Rising FC. Prior to this, he led Kona Grill, a restaurant chain that was publicly traded on Nasdaq.

• Failure to complete an initial business combination: As a blank check company, Three Lions Acquisition's sole purpose is to identify and acquire a target business. There is no guarantee that the company will successfully complete an initial business combination within the stipulated timeframe, typically two years. If it fails to do so, the company would likely liquidate, returning funds to shareholders, but potentially at the IPO price minus costs, leading to an opportunity cost or even a loss for investors who purchased shares at a premium.
• Competition for target businesses: The market for suitable acquisition targets, particularly in the sports, hospitality and leisure, and real estate sectors that Three Lions Acquisition intends to focus on, can be highly competitive. Other SPACs, private equity firms, or strategic buyers may pursue similar attractive businesses, making it challenging for Three Lions Acquisition to identify and secure a desirable merger candidate.
• Dependence on the management team: The success of Three Lions Acquisition heavily relies on the experience, relationships, and operating track record of its management team to identify, acquire, and grow a business. The inability of the management team to identify a suitable target or successfully execute a business combination would materially and adversely affect the company.

The primary emerging threat to Three Lions Acquisition (TLAC), as a Special Purpose Acquisition Company (SPAC), is the **eroding investor confidence in the SPAC vehicle and consistently high shareholder redemption rates**. This trend, which has become prevalent across the SPAC market, makes it increasingly difficult for TLAC to retain sufficient capital from its trust account to complete an attractive business combination. Coupled with increased regulatory scrutiny and a general market shift favoring traditional IPOs or direct listings, this directly threatens the fundamental premise of the SPAC model and TLAC's ability to fulfill its stated purpose of acquiring and growing a business.

The addressable markets for Three Lions Acquisition's (TLAC) main target sectors are substantial, both globally and within the United States.

Sports Industry

• Globally, the sports industry was valued at approximately $417 billion in 2025 and is projected to grow to $602 billion by 2030. Another estimate places the global sports market at $571.7 billion in 2026, with a projection to reach $1,254.85 billion by 2035.
• In the U.S., the broader sports business industry generated $1.06 trillion in 2023, accounting for about 40% of the global total. More specifically, the U.S. spectator sports market was valued at $51.85 billion in 2026 and is projected to reach $70.80 billion by 2031. The U.S. sports event market alone generated $163.7 billion in revenue in 2025 and is expected to reach $264.7 billion by 2033.

Hospitality and Leisure Industry

• The global hospitality market was valued at approximately $6,432.44 billion in 2025, estimated to be $7,470 billion in 2026, and is projected to reach $24,710 billion by 2034. Another report indicates the global hospitality market was $5.82 trillion in 2026 and is projected to reach $7.47 trillion by 2030.
• For leisure travel, a segment within the broader leisure industry, the global market was valued at $2,192 billion in 2025, estimated at $2,673 billion in 2026, and projected to reach $13,047 billion by 2034.
• In the U.S., the hospitality market stands at $247.81 billion in 2026 and is projected to reach $305.53 billion by 2031. The U.S. hotels market specifically was approximately $288.627 billion in 2025, with projections to reach $610.6489 billion by 2034.

Real Estate Industry

• Globally, the real estate market was valued at $7,517.4 billion in 2025 and is projected to reach $8,760.4 billion by 2034. Another estimate indicates the global real estate market size was $4.7 trillion in 2026, projected to grow to $8.45 trillion by 2034.
• In the U.S., the real estate market was valued at approximately $3.53 trillion in 2025, with projections to reach $4.65 trillion by 2035.