Michigan fans cheer on during the second half of the spring game at Michigan Stadium in Ann Arbor on Saturday, April 20, 2024. Credit: Detroit Free Press
By Sean Keeley on

The drumbeat of private equity’s eventual entry into major college athletics grew louder on Wednesday.

As first reported by ESPN’s Pete Thamel, the Big Ten Conference has been in talks “for months” about private capital investments that would inject at least $2 billion to the league and it’s schools.

That discussion would reportedly require a 10-year extension of the conference’s grant of rights, until 2046, an attempt to secure stability in league membership amid potential conference realignment.

According to Thamel, while most of the schools in the conference are on board, “a few of the league’s biggest brands — including Ohio State and Michigan — are still in discussions with the league.” Thamel’s sources inform him that the conference wants to be unanimous before proceeding.

“A decision either way on the private capital deal is expected in the upcoming weeks from the schools in the Big Ten, sources said, and nothing is considered imminent or certain,” wrote Thamel. “There are three different private capital entities being considered by the Big Ten, sources told ESPN, and the league has not taken a vote on any plan.”

As it currently stands, all 18 Big Ten schools receive an annual share of the conference’s media rights agreements, with schools collectively pocketing over $63 million in 2024. Under the private equity setup, the league’s annual distributions would be split 20 ways, with 18 going to the schools, one to the conference, and one to the investor.

This report comes on the heels of reports of a meeting between private-equity firm Sequence Equity and FCS commissioners to boost the media value of the FCS college football playoffs. Discussions of potential ways that private equity can enhance or maximize college athletics have been ongoing for years. It seems as though it’s only a matter of time before someone like the Big Ten leaps. And after that, expect the other conferences to follow pretty quickly.

The question that never seems to get asked in all of this is how it will help the college students who make this engine run. Funny how that works.

About Sean Keeley

Along with writing for Awful Announcing and The Comeback, Sean is the Managing Editor for Comeback Media. Previously, he created the Syracuse blog Troy Nunes Is An Absolute Magician and wrote 'How To Grow An Orange: The Right Way to Brainwash Your Child Into Rooting for Syracuse.' He has also written non-Syracuse-related things for SB Nation, Curbed, and other outlets. He currently lives in Seattle where he is complaining about bagels. Send tips/comments/complaints to sean@thecomeback.com.

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