Special purpose acquisition company Disruptive has run out of time, even with Patrick Mahomes on its team. Photo by Ezra Shaw/Getty Images

Disruptive Acquisition I, a special purpose acquisition company that named Kansas City Chiefs QB Patrick Mahomes among its advisors, has decided to close up shop and return its capital to shareholders, according to a filing with the Securities & Exchange commission Monday.

Disruptive, which held its IPO in March 2021, raising $250 million at $10 a share, came to market to find a consumer technology, health and wellness or entertainment business to take public. The company debuted with an “Athlete Advisory Council”—which, along with Mahomes, featured tennis star Naomi Osaka, Polish soccer great Robert Lewandowski, Houston Astros hurler Justin Verlander and boxer Carlos Alvarez Barragan—to help it identify candidates, leverage relationships with brands and help engage consumers.

On Monday, the board of directors of Disruptive, “considering that the company will not consummate an initial business combination within the time period required … decided to dissolve and liquidate,” the filing said.

SPACs, also known as blank check companies, exploded in popularity following the going-public deal by DraftKings in 2020, and peaked in 2021 as hundreds of SPACs held IPOs—also when Disruptive held its IPO. Sports figures played an outsized part in the SPAC craze, with athletes seen as conduits to find the next hot company, especially in fitness, consumer culture and sports betting. The bubble burst in 2022 due to a combination of regulator pushback to SPAC promoter excesses, the poor post-merger performance of many deals and the simple fact that too many SPACs came to market.

Disruptive sought to differentiate itself with its slate of well-known athletes on its council, but it wasn’t the only SPAC employing that strategy. Figures including Tiger Woods and Alex Rodriguez formed blank checks to capitalize on investor hunger for SPACs during the pandemic.

SPACs such as Disruptive raise money at an initial public offering with the goal of finding a business to take public within a stated amount of time. If a merger can’t be completed in the time the SPAC has spelled out, it, by rule, must close and return its IPO money to shareholders.

Disruptive shareholders will get $10.85 for each share, including interest and additional payments by the SPAC made earlier to extend its time frame.

As of April 8 when the return of shareholder capital is expected to be completed, Disruptive’s athlete-focused efforts will be over.