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yesterday

Big Ten’s $2.4 Billion Private Investment Plan Paused as UC Investments Requires Unanimous Support

UC Investments says it will not sign without unanimous school support.

David Banks-Imagn Images
Tony Petitti is introduced as the new commissioner of the Big Ten, April 28, 2023, in Rosemont. (David Banks/AP)
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Overview

  • UC Investments proposed $2.4 billion for a 10% stake in a new spinoff, Big Ten Enterprises, in exchange for a share of league media and sponsorship revenues for 15 years.
  • The plan would extend the conference’s Grant of Rights to 2046 and deliver tiered upfront payouts to schools, with reported minimums in the low nine figures and larger sums for top brands.
  • Michigan and USC publicly oppose the proposal, and Michigan regent Jordan Acker said the school could consider football independence when the current Grant of Rights ends in 2036 if the deal proceeds without unanimity.
  • Conference leaders and reporting indicate broad backing from as many as 16 schools, and a vote without Michigan and USC had been contemplated before UC Investments paused for due diligence and unity.
  • The Big Ten denied a Michigan regent’s claim that Commissioner Tony Petitti threatened penalties over opposition, as trustees and Sen. Maria Cantwell press for governance and tax-exemption reviews.