The First Whistle: Big 12 goes for $500M

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PRIVATE CAPITAL IN COLLEGE ATHLETICS

Big 12 negotiating deal to provide its schools capital infusion of up to $500 million

The Big 12 is negotiating an opt-in partnership with RedBird and Weatherford Capital that would allow member schools to access roughly $30 million each, tapping up to $500 million in total capital. The conference emphasized the deal would not involve private-equity ownership or any equity stake in the league, and participation would be optional.

Why It Matters
As schools prepare for athlete revenue sharing of up to $20.5 million annually, the Big 12 is exploring new capital sources to narrow the revenue gap with the SEC and Big Ten without giving up control.

Who’s Involved
RedBird Capital and Weatherford Capital would provide the financing, while Big 12 leadership under commissioner Brett Yormark continues to push a more aggressive, commercial strategy.

What’s Next
The agreement is not finalized, but if completed, it could become a template for conferences seeking outside capital without full private-equity ownership.

💰️ Read full Dallas News article here

PRIVATE CAPITAL IN COLLEGE ATHLETICS

University of Utah athletics private equity deal catches the attention of Congress

Federal lawmakers are weighing legislation that would block colleges from entering private equity deals tied to athletics, a move that could directly affect Utah’s newly announced PE-backed athletics venture.

The Bill
Rep. Michael Baumgartner’s PROTECT Act would prohibit private equity firms from owning stakes in athletic revenue, facilities, or decision-making, amending Title IV rules tied to federal funding. The bill allows exceptions for donations, endowments, and traditional loans, but would bar PE-style ownership structures.

Why It Matters
Utah’s proposed for-profit athletics entity, designed to generate hundreds of millions in new revenue, has become a flashpoint as schools look for capital to offset rising NIL, revenue-sharing, and scholarship costs.

What’s Next
The House Education and Workforce Committee is actively examining private equity in college sports, though timing is unclear. Utah administrators continue to defend the plan as necessary to stabilize athletics without cutting programs or raising student fees.

📃 Read full Yahoo Sports article here

PROFESSIONAL SPORTS INVESTMENTS

Wrexham AFC welcomes Apollo Sports Capital as a minority investor

Wrexham AFC welcomed Apollo Sports Capital, an affiliate of Apollo Global Management, as a new minority investor. The investment includes financing for the redevelopment of STōK Cae Ras, most notably the new Kop Stand, while co-chairmen Rob McElhenney and Ryan Reynolds retain controlling ownership of the club.

Why It Matters
The deal brings large-scale institutional capital into Wrexham at a pivotal moment, supporting both competitive ambitions and major infrastructure upgrades. It reinforces the club’s push toward long-term sustainability as it climbs the English football pyramid following three consecutive promotions.

The Partners
Apollo Sports Capital joins the ownership group alongside McElhenney, Reynolds, and minority investor the Allyn Family Office. Apollo brings experience in long-term sports and infrastructure investments, with an emphasis on patient capital and community-linked development.

What’s Ahead
With stadium redevelopment tied to the broader Wrexham Gateway Project, the club is positioning itself for increased attendance, higher revenues, and continued growth on and off the pitch as it competes in the EFL Championship and eyes a Premier League future.

📈 Read full press release from Apollo here

SPORTS MEDIA AGREEMENTS

Netflix paying Barstool 8 figures per year amid podcast push

Netflix’s new multiyear agreement with Barstool Sports is worth “in the eight figures” annually, securing exclusive video streaming rights to Pardon My Take, The Ryen Russillo Show, and Spittin’ Chiclets, three of the biggest sports podcasts in the industry.

The Strategy
The Barstool pact follows similar Netflix moves with Spotify and iHeart, signaling an aggressive push to shift video podcasts from YouTube to Netflix while keeping audio versions free on platforms like Apple and Spotify.

The Competition
YouTube remains the dominant podcast video platform, with more than 700 million hours watched in October alone, driven by creator-friendly payouts and algorithmic discovery. This makes Netflix’s bet on paywalled video a meaningful risk.

Why It Matters
For Netflix, the deals are a bid to turn podcasts into premium video content for its 300 million global subscribers; for Barstool, it’s another major monetization win since Dave Portnoy reacquired the company in 2023.

📺️ Read full Front Office Sports article here

Start 3/Bench 1

⬆️ Virginia Tech. Virginia Tech athletics landed a record $20 million gift from an anonymous donor, providing a major boost as the Hokies rebuild under new head coach James Franklin and ramp up a $229 million investment plan for the department. - Andrea Adelson

⬆️ Connecticut Sports Group. Connecticut Sports Group unveiled an expanded ownership group, including NBA Rookie of the Year and former UConn star Stephon Castle, behind CT United FC and Connecticut’s future women’s pro team. – PR Newswire

⬆️ APEX. Investment Firm APEX is launching a $350 million fund to invest in European sports teams, leagues, and related assets. The firm plans to take minority stakes of 20% to 49%, with individual investments ranging from $15 million to $50 million. - Justin Birnbaum

⬇️ Brian Smith. Ohio University fired head coach Brian Smith for cause Wednesday, citing “serious professional misconduct” and actions that reflected unfavorably on the school. Defensive coordinator John Hauser was named interim coach, and a search for a long-term replacement will begin immediately, while Smith disputes the grounds for his termination. - Adam Rittenberg