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NCAA LEGISLATION

Power conferences finalize House v. NCAA enforcement guidelines

Power conferences have agreed to the enforcement terms for the House v. NCAA settlement. Schools received participation agreements outlining new requirements around roster limits, revenue-sharing caps, NIL rules, cooperation with investigations, and acceptance of penalties.

Key Terms
The agreement makes schools responsible for violations committed by their athletes, collectives, or other connected groups. It also blocks schools from challenging the CSC in court and allows penalties, like lost revenue or postseason bans, if anyone acting on their behalf, including state attorneys general, files a lawsuit.

Penalties
Sources say new NCAA bylaws will include postseason bans for major violations, player ineligibility for breaking NIL rules, and limits on how schools can use revenue-sharing funds. Enforcement will expand as the CSC builds out its staff, and investigations are expected to begin in the coming weeks.

Next Steps
Power-conference schools have two weeks to sign the agreement before it moves to non-power schools. Once all signatures are in, enforcement becomes active.

📃 Read full Front Office Sports article here

PROFESSIONAL SPORTS INVESTMENTS

The Snow League raises $15 million to accelerate global expansion

The Snow League, Shaun White’s pro snowboarding and freeskiing circuit, closed a $15 million funding round to scale operations, boost event production, and grow its media footprint ahead of stops in Asia, North America, and Europe.

Who’s Investing
New backers include 359 Capital, BITKRAFT Ventures, and WISE Ventures, alongside existing investor Left Lane Capital. More than 10 current investors, including Ares Management funds and Bolt Ventures, also joined the round.

Building on Momentum
Launched in 2024 and broadcast in 175+ countries, the league’s first season features a global, points-based championship format and a record $2M purse. Events air on NBC Sports and Peacock in the U.S. with broad international distribution.

What’s Next
The funding supports expanded media production, fan engagement, and brand partnerships as the league aims to become the central commercial platform for snow sports.

Season Schedule
The season spans Aspen, China, Aspen again, and LAAX, where the first Snow League World Champions will be crowned.

❄️ Read full article from The Snow League here

COLLEGE ATHLETICS INVESTMENTS

Opposition from Michigan, USC pauses $2.4B Big Ten deal

A proposed $2.4 billion investment from UC Investments, meant to bolster Big Ten athletic departments, has been put on hold after Michigan and USC opposed the deal. UC Investments said it will wait for full “unity” among the league’s 18 members before moving forward.

The Deal
The plan called for creating Big Ten Enterprises, a new entity housing conference-wide media and sponsorship rights. In exchange for the $2.4 billion, UC Investments would receive a 10% stake and the league’s grant of rights would extend to 2046. All schools would receive at least ~$100 million from the payout.

Pushback from Michigan and USC
Both schools argued the plan was fiscally irresponsible and amounted to a short-term patch for long-term spending problems. Michigan regents likened it to a “pay day loan,” questioned committing to 21 more years of grant-of-rights, and said selling part of the league was at odds with fiduciary obligations.

The Tension
Despite the conference’s $7B media deal, schools are still strained by rising expenses, stadium debt, and new athlete revenue-sharing obligations. Many Big Ten schools supported the investment, but Michigan and USC’s boards said the risks outweighed the upside.

What’s Next
UC Investments says it still wants the deal and will continue working with the league. Michigan, meanwhile, publicly floated that it would “explore all options,” including potential football independence once its current grant-of-rights expires in 2036.

💰️ Read full ESPN article here

SPORTS ACQUISITIONS

Goldman Sachs gets into the talent agency business

Goldman Sachs is entering the sports agency business, acquiring a majority stake in Excel Sports Management, the firm representing stars like Tiger Woods, Caitlin Clark, Derek Jeter and Nikola Jokic. The deal values Excel at nearly $1 billion, per Front Office Sports.

Why Goldman Wants In
The acquisition was made through Goldman Sachs Alternatives, the bank’s private equity arm, which has been increasingly active in the sports sector. Goldman said Excel sits “at the heart of the fast-growing sports ecosystem” and fits its broader strategy of investing in high-demand sports businesses.

Excel’s Position
Excel CEO Jeff Schwartz called Goldman an “exceptional partner,” saying the bank’s access and resources will accelerate the agency’s global growth and expand the services it can offer to top-tier clients.

Industry Context
The move deepens Wall Street’s presence in sports, where demand for investment continues to soar. Major talent agencies like CAA, UTA and WME have already built large sports divisions, and private equity firm Shamrock Capital is exiting its investment in Excel as part of the deal.

📈 Read full article from The Hollywood Reporter here

NCAA CONFERENCE AGREEMENTS

College football powerhouse reportedly considering leaving Big Ten to be Independent

The Big Ten’s latest money move, a proposed $2.4 billion media-rights sale stretching to 2046, is stirring up real friction. Despite Michigan being set to receive one of the biggest payouts (around $190 million), the school is pushing back hard and could even withhold its agreement.

Frustration from Michigan
Michigan Regent Jordan Acker said the proposal forces the school to consider “all options,” including football independence. He added that the conference’s willingness to move forward without Michigan State signals a potential breaking point for Michigan’s place in the league.

Conference Strain
With 18 teams after years of aggressive expansion, the Big Ten may finally have overreached. USC is reportedly uneasy too. Any holdout lowers the value of the deal, despite investors wanting all 18 programs on board.

What if Michigan Leaves
Michigan is one of the Big Ten’s original members and one of its biggest brands. If it goes independent, it could command a Notre Dame-level media deal and potentially reshape the power structure of college football all over again..

🏈 Read full Sports Illustrated article here

Start 2/Bench 2

⬆️ Virginia Tech. Virginia Tech has hired former Penn State head coach James Franklin to lead the Hokies, marking a significant shift for the program. University leadership and the Board of Visitors say the move reflects a unified commitment to strengthening Virginia Tech Football. - Hokie Sports

⬆️ Norfolk State. Norfolk State saw a major attendance spike this season, with Michael Vick’s arrival driving one of the program’s strongest turnout years in a decade. Homecoming alone jumped to 47,273 fans, nearly double the crowd from 2023. – Steven J. Gaither

⬇️ Under Armour. Stephen Curry and Under Armour are officially parting ways, ending a partnership that began in 2013 and helped launch Curry Brand. His shoes will continue releasing through 2026, but he’s now a sneaker free agent and already drawing interest from multiple brands, including Nike. - Anthony Slater

⬇️ Sports Bettors. A new NCAA study shows over a third of Division I men’s basketball players reporting social-media abuse tied to wagers and many encountering students who bet on their team. The NCAA says the data underscores rising risks to athletes and game integrity as it continues pushing states to eliminate college prop bets. - Massillon Myers