What’s the Deal With This Deal?
We previously reported about the private equity deal involving the University of Utah. It appears the Utes home conference, the Big 12, is nearing a private equity deal of its own.
Sources have confirmed that the conference is hammering out details on a massive $500 million agreement with RedBird Capital Partners and Weatherford Capital. But hold up—this isn’t some hostile takeover. The firms won’t snag any actual ownership of the Big 12. Member schools can choose whether they want in or out, which keeps things flexible.
What we’re looking at here is more than just a cash infusion. The agreement would establish what’s being called a “strategic business partnership,” meaning this goes beyond simple dollars-and-cents stuff.
Following Utah’s Lead Into Uncharted Territory
Here’s where things get interesting. Utah—yes, the same Utah that just joined the Big 12—dropped a bombshell earlier this week by cutting a deal with Otro Capital. They created a corporate entity designed to juice up their athletic department revenue. Utah keeps majority control, Otro gets a minority stake.
That move basically kicked the door wide open for conference-level deals. If this Big 12 agreement goes through, it’ll be the first time an entire conference has pulled the trigger on private capital. We’re watching history here, folks.
And get this: Schools that join the Big 12’s deal wouldn’t be blocked from hunting down additional cash elsewhere. Commissioner Brett Yormark has been eyeing private equity for a minute now—talks with CVC Capital Partners started way back in June 2024. By May 2025, Yormark pumped the brakes, telling reporters the conference wasn’t ready to make that leap yet.
Why Now? Why This?
Turns out, Yormark left himself an out. His exact words: “we’ll see what happens in the future.” Well, the future arrived fast.
Industry insiders had predicted Utah’s groundbreaking move would spark a chain reaction, though they expected a slow burn rather than a wildfire. The Big Ten tried something similar with UC Investments—the University of California’s pension fund—but that fell apart last month when schools like Michigan and USC threw up red flags.
One private equity exec explained the Big Ten’s failure came down to poor communication. “Certain stakeholders” got blindsided, and once they caught wind of the deal, they killed it. The lesson? You can’t railroad major decisions past powerful universities and expect them to play nice.
The Big 12 appears to have learned from that mistake. Transparency and flexibility seem baked into their approach, giving schools autonomy while still accessing serious capital. No confirmation yet from RedBird, the Big 12, or Weatherford—but the wheels are definitely in motion.
College athletics just entered a new era. The question isn’t whether private money is coming anymore. It’s already here.
