Private Equity College Football: Top Firms in 2026

Key Facts

• Approximately 10 to 15 private equity firms are actively investing in or pursuing deals with college athletic departments and conferences as of 2025.
• More than $3.5 billion in committed, proposed, or in-progress capital has flowed toward Power 4 schools and conferences, spanning the University of Utah deal, Elevate's $500 million fund, and the stalled Big Ten proposal.
• The University of Utah became the first school to close a private equity deal in December 2025, partnering with Otro Capital through a new for-profit subsidiary called Utah Brands & Entertainment LLC.
• The House v. NCAA settlement, granted final approval in June 2025, requires schools to pay athletes up to $20.5 million annually in revenue sharing, creating immediate capital needs across nearly every Power 4 athletic department.
• Only 28 of 2,023 college athletic programs were profitable in the 2021–2022 academic year; Utah lost $17 million in FY2024 despite $109.8 million in revenue.
• Private credit is the preferred deal structure for school-level transactions, while conference-level deals favor minority equity stakes in newly created commercial entities.
• Legislative risk is real: the PROTECT Act, introduced in October 2025, would prohibit most forms of private equity involvement in college athletics if passed.

College Sports Private Equity Overview

The intersection of private equity and college football is new, structurally complex, and accelerating fast. The catalyst is the House v. NCAA settlement, which obligates schools to share up to $20.5 million per year directly with athletes. For most athletic departments already running annual deficits, that obligation tipped the financial calculus decisively toward outside capital.

Ohio State ranked as the most valuable brand in college sports in a 2025 valuation analysis. It ran a $37.7 million deficit in FY2024 on $254.9 million in revenue across 32 programs. Utah posted a $17 million deficit that same year.

These programs are not outliers. Nearly every athletic department in the country subsidizes non-revenue sports through football and men's basketball profits. NIL obligations, transfer portal spending, and coaching salary inflation compound that pressure.

PE firms see undermonetized commercial assets, underdeveloped ticketing infrastructure, and untapped sponsorship revenue inside institutions without the operational expertise to capture it. Deals target those assets (ticketing, sponsorships, media rights, NIL infrastructure, hospitality, and licensing) rather than athletic operations themselves. Investment structures range from private credit arrangements to minority equity stakes in newly created for-profit subsidiaries, each preserving the parent university's nonprofit tax status.

New York and San Francisco serve as the primary PE hubs in this space. Smaller Big 12 and ACC programs are seen as more likely early adopters. SEC and Big Ten powerhouses have greater financial cushion but have also pursued the largest deals.

Private Equity in College Sports: Firm Comparison

The active universe of PE investors in college athletics includes established sports-media funds, newly formed collegiate-focused vehicles, and institutional investors. Only two firms disclose AUM publicly; the majority do not publish figures.

RedBird Capital's $10 billion-plus in assets under management makes it the largest disclosed fund in this cohort by a wide margin. Elevate's $500 million college-specific vehicle is the only other confirmed fund size. The diversity of structures across these firms is itself a data point: private credit, minority equity, revenue royalty, and joint venture models each carry different governance, return, and regulatory profiles. Schools are choosing between them based on nonprofit compliance requirements and risk tolerance.

Top Picks by Investment Strategy

Largest Disclosed AUM: RedBird Capital Partners manages $10 billion-plus globally, with stakes in AC Milan, the Boston Red Sox, and Alpine F1 providing direct precedent for the Big 12 deal via its Collegiate Athletic Solutions joint venture with Weatherford Capital.

Private Credit Leader: Elevate is the only firm to launch a dedicated college sports fund ($500 million from Velocity Capital Management and the Texas Permanent School Fund), with two Power 4 deals already closed and six additional expected by fall 2025.

First-Mover Equity Deal: Otro Capital executed the landmark University of Utah transaction, becoming the structural template for school-level minority equity deals nationally.

Most Active Conference Investor: UC Investments proposed the largest single deal in this space at $2.4 billion for a 10% stake in Big Ten Enterprises, though the arrangement stalled amid opposition from Michigan and USC.

Global Precedent Setter: CVC Capital Partners structured the $2.14 billion La Liga deal (8.2% stake, broadcasting and sponsorship rights for 50 years) that college sports practitioners cite as a direct structural precedent, even after its $800 million Big 12 pursuit did not close.

Revenue Royalty Model: Collegiate Athletic Solutions (CAS), the RedBird/Weatherford joint venture, explicitly preserves 100% of member institutions' equity while delivering up to $500 million to Big 12 schools. The structure was designed to defuse governance objections.

Rising Institutional Voice: Sequence Equity was featured at the 2025 NACDA Convention alongside Ohio State's athletic director, signaling growing institutional legitimacy for PE pitches at Power 4 programs.

Top Private Equity Firms in College Sports: Profiles

Otro Capital

Otro Capital executed the deal that changed college athletics. In December 2025, the University of Utah's board of trustees unanimously approved a partnership creating Utah Brands & Entertainment LLC, a new for-profit subsidiary owned by the Utah Foundation, with Otro holding a minority equity stake. The entity houses ticketing, sponsorships, NIL infrastructure, concessions, licensing, trademarks, and hospitality.

Athletic Director Mark Harlan chairs the board, which includes two Otro representatives and one Utah donor. The university retains full control over scheduling, coaching, and player personnel. Otro's operational expertise in sports, entertainment, and media is the firm's primary differentiator: this is an active revenue-optimization partnership, not a passive capital placement. Schools exploring school-level equity structures are already studying this template.

RedBird Capital Partners

The strongest cross-sport track record in this niche belongs to RedBird. Its $10 billion-plus AUM spans AC Milan, the Boston Red Sox, Alpine F1, and the RedBird IMI Players Era Festival in basketball NIL. That portfolio provides a credibility advantage when pitching conference-level deals.

RedBird has already delivered more than $145 million in contracted revenue to the Big 12 and its member institutions through existing partnerships. Its vehicle for college athletics is Collegiate Athletic Solutions, a joint venture with Weatherford Capital structured as a revenue royalty arrangement. The model carries no equity stakes and no fixed payment obligations. As of December 2025, the Big 12/CAS deal was nearing agreement at up to $500 million for conference members.

Elevate (Backed by Velocity Capital Management)

Elevate's structural innovation made private credit the default conversation for school-level deals. The San Francisco-based sports business consultancy launched a $500 million Collegiate Investment Initiative in June 2025, backed by Velocity Capital Management and the Texas Permanent School Fund. Because it lends capital rather than taking equity, Elevate sidesteps the nonprofit compliance constraints that make direct ownership of university assets legally complex.

The firm employs as many as 70 people in the college space, including staff positioned at campuses. Two undisclosed Power 4 schools closed eight-figure deals with Elevate before the initiative's public announcement. The fund is expected to grow well beyond $1 billion.

UC Investments

UC Investments, the investment arm linked to the University of California system's pension fund, proposed the most ambitious deal in this space: $2.4 billion for a 10% stake in Big Ten Enterprises, a new commercial entity that would house the conference's media and sponsorship rights. Under that structure, each school would receive approximately $150 million upfront. Remaining funds would be distributed through a three-tiered system based on earning potential.

UC Investments would hold its 10% share of media and sponsorship rights for 15 years, then sell its stake. The deal stalled after Michigan and USC opposed it. Michigan's Board of Regents chair warned the arrangement amounted to a "payday loan" without addressing runaway spending, and Congressional scrutiny from Senator Maria Cantwell's office added further headwind.

CVC Capital Partners

CVC Capital Partners arrived in college sports before most competitors and left without closing, but its influence on deal structures persists. The Luxembourg-based global PE firm pursued an $800 million to $1 billion deal for a 15% to 20% stake in the Big 12 in 2024. The conference ultimately chose not to close.

CVC's 2021 La Liga deal ($2.14 billion for 8.2% of the conference's broadcasting and sponsorship rights for 50 years) is cited by practitioners as the closest structural precedent for American conference-level transactions. Its experience demonstrates both the appetite for international capital in college sports and the governance resistance that these deals must navigate.

Sixth Street

Sixth Street's 2022 La Liga deal (€207.5 million for 10% of TV revenue for 25 years) gave the San Francisco-based firm a direct playbook for sports media-rights financing before it explored U.S. college athletics. The firm later held discussions with Florida State about an equity or commercial-rights transaction. Those talks did not advance to a close, with Florida State ultimately hiring JPMorgan Chase to explore PE options more broadly.

Sixth Street's interest in college football reflects its broader sports finance strategy, blending private credit and equity depending on deal structure. Its La Liga precedent makes it a credible voice when athletic directors begin evaluating long-term media rights monetization.

Collegiate Athletic Solutions (CAS)

Collegiate Athletic Solutions is not a traditional PE fund. It is a joint venture formed by RedBird Capital Partners and Weatherford Capital specifically to serve college athletics. CAS operates on a revenue royalty model, providing capital and operational support to conferences or schools and receiving a share of new incremental revenues only, with no equity stakes and no fixed payment obligations.

The Big 12 framed this distinction explicitly, noting the arrangement would "preserve 100% of member institutions' equity in the Big 12." For conferences whose member schools resist any form of ownership transfer, the CAS model offers a lower-friction entry point. The RedBird ecosystem's existing $145 million in contracted revenue for the Big 12 gives CAS a head start over competitors without prior conference relationships.

Sequence Equity

Sequence Equity represents the new generation of firms purpose-built for college athletics. Managing Partner Marcus Stroud appeared at the 2025 NACDA Convention alongside Ohio State Athletic Director Ross Bjork to discuss joint venture structures and how PE firms evaluate whether a school is an investable target.

The firm focuses on Power 4 programs and favors joint venture or equity structures where the athletic department contributes commercial rights (sponsorships, ticketing, media, and intellectual property) into a separate LLC. Sequence provides capital and operational expertise in return. The firm has not publicly disclosed specific deal figures, but its convention presence signals that its pitch is reaching the most influential athletic directors in the country.

Investment Trends Shaping Private Equity in College Sports

The House Settlement as Capital Catalyst

The House v. NCAA settlement's final approval in June 2025 converted PE interest in college sports from theoretical to operational. The $20.5 million annual revenue-sharing cap created an immediate, predictable financial obligation for athletic departments already running deficits. Before the settlement, schools were hesitant to be "trailblazers" in accepting private capital. After it, the financial math shifted enough that multiple deals closed within six months of final approval.

For-Profit Subsidiary Structures Enable Nonprofit Compliance

The legal innovation driving school-level deals is the for-profit subsidiary. Universities cannot sell equity in themselves as nonprofit entities. By creating a separate LLC (such as Utah Brands & Entertainment LLC or Clemson Ventures) that houses commercial revenue-generating assets, schools enable PE firms to take a minority stake in the for-profit entity rather than the university itself.

The NCAA reviewed Utah's structure and publicly praised its design. Clemson created its own pre-deal entity in anticipation of future capital raises, suggesting the structural template is spreading.

Private Credit Gaining Ground Over Equity

At the school level, private credit arrangements are becoming the default structure. Elevate's model lends capital with repayment negotiated from specific revenue streams and requires no equity transfer. It is legally simpler than equity and avoids the governance objections that minority stakes tend to generate. Legal advisors consistently describe private credit as the most logical near-term investment vehicle for nonprofit athletic departments.

Conference-Level Deals Face Greater Complexity

Conference deals are larger, more politically complicated, and require buy-in from multiple member institutions. The Big Ten's proposed $2.4 billion arrangement stalled because Michigan and USC objected. A single regent's public opposition created enough momentum to pause negotiations entirely.

The structural challenge at the conference level is grant-of-rights extensions. These serve as collateral for PE deals and require member schools to cede future media negotiating leverage in exchange for upfront capital. Big 12 schools face their own internal dynamics around the CAS deal.

Legislative Risk Remains the Key Overhang

The PROTECT Act, introduced by Representative Michael Baumgartner of Washington, would prohibit agreements involving ownership or shared ownership in athletics revenue. It would also bar control over athletics decisions or any interest in athletics facilities or property. Senator Maria Cantwell has requested a Congressional Joint Committee on Taxation analysis of whether PE deals threaten schools' tax-exempt status.

The Johnson v. NCAA litigation in the Eastern District of Pennsylvania, which concerns student-athlete employee classification, could reshape deal structures further. None of these threats has closed a deal yet, but each adds regulatory uncertainty to every transaction in progress.

How to Evaluate Private Equity Investors in College Sports

The most important factor in evaluating any PE firm is deal structure. Private credit arrangements (as used by Elevate) require no equity transfer and are repaid from negotiated revenue streams. Minority equity in a for-profit subsidiary (as used by Otro) offers potential upside but introduces an investor with board seats and a return expectation of typically 10% to 12% annually. Schools should model revenue-sharing formulas under multiple economic scenarios before signing either structure.

Governance protections must be contractually binding, not just stated in press releases. Any deal should explicitly prohibit the investor from influencing scheduling, coaching decisions, player personnel, or conference management. The Utah deal's board structure (athletic director as chair, two investor seats, one donor seat) provides a concrete benchmark. Schools should review buyback provisions for investor exits and the grant-of-rights extension implications before committing.

Operational expertise matters as much as capital. Firms that have managed ticketing optimization, dynamic pricing, premium seating conversions, and sponsorship packages at scale deliver more durable value than those without relevant experience. Elevate's 70 college-focused staff members represent one benchmark for operational depth. Institutional investors and limited partners evaluating fund managers in this space should assess whether general partners have sports-specific operating infrastructure or are adapting a generalist model to a sector with unusual governance constraints.

The Olympic sports question deserves explicit contractual attention. Utah's football program generated $26.8 million in profit while the remaining 17 programs combined for a $21.2 million loss. A profit-oriented investor will apply pressure to that math. Deal terms should specify protections for non-revenue programs and how Title IX compliance obligations factor into any restructuring scenario.

Which Firm Fits Your Needs?

Athletic directors at Power 4 schools evaluating a first PE engagement should look most closely at the Utah/Otro structure and Elevate's private credit model as the two validated templates. Otro's minority equity approach offers a larger capital infusion and deeper operational involvement in commercial revenue generation. Elevate's no-equity lending model is simpler to clear with general counsel and state boards of regents at public universities.

Schools with strong brand IP, large alumni bases, and direct control over ticketing and sponsorship assets are the most investable targets. Programs that rely heavily on conference distributions for revenue generation are less attractive candidates.

Conferences exploring PE capital should study the structural divide between the Big 12/CAS model (revenue royalty, no equity) and the stalled Big Ten/UC Investments model (minority equity in a conference commercial arm). Schools politically resistant to any form of ownership transfer should favor CAS-style arrangements. Conferences with the appetite and internal consensus for a larger equity deal should secure member school buy-in before any announcement. The Big Ten's experience demonstrates that a single vocal opponent can stall a $2.4 billion transaction.

Institutional investors and limited partners building alternatives portfolios with sports exposure can access this sector most directly through firms with a demonstrated track record in sports media and entertainment. RedBird Capital Partners is the most established platform, with $10 billion-plus in AUM and active positions across professional soccer, baseball, and Formula 1. Shamrock Capital Advisors offers a Los Angeles-based alternative with sports and entertainment media exposure through investments including Excel Sports Management in the NIL athlete representation space.

Methodology

This guide to private equity in college football draws on deal announcements, university board meeting documents, conference statements, and practitioner commentary from sports law advisors and athletic directors as reported through December 2025. Firm profiles cover only entities with confirmed deal activity or documented engagement in college sports; no firm names or AUM figures have been sourced from general PE databases. The data reflects a sector that moved from theoretical to operational within a six-month window following the House v. NCAA settlement's final approval, and deal terms continue to evolve. Financial figures for individual schools (deficits, revenues, program-level profits) are drawn from school-published documents cited in contemporaneous reporting.