2 months ago
12
The Big 12 Conference is in advanced talks with an investment firm backed by RedBird Capital and Weatherford Capital for a $500 million cash injection, according to a person familiar with the matter.
The deal, via Collegiate Athletic Solutions, known as CAS, follows failed talks earlier in the year for a direct investment into the Big 12, and would mark the first major conference-wide capital deal in major US college sports.
The partnership would offer the 16 member universities a line of credit of roughly $30 million each and is close to being finalized, the person added, asking not to be named discussing private information.
Many colleges are facing mounting financial pressures from rising athlete pay and escalating coaching salaries, driving the demand for upfront capital. Conferences and schools are increasingly looking for funds to be repaid over several years, often secured against future revenue from media rights.
The Big 12 confirmed the negotiations in a statement to Yahoo! Sports, which first reported details of the deal. A representative for the Big 12 could not be reached for comment.
After years of pushing back on institutional investment, deals are now starting to be struck. Big 12 member the University of Utah is in advanced talks for an e...
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