Overview
- The University of Michigan Board of Regents voted to oppose the proposal on Thursday, with USC trustees and some athletic administrators also signaling resistance, jeopardizing a deal that under current terms requires all 18 schools to agree.
- Conference presidents and athletic directors were set to convene Thursday evening for an update, as expectations for a near‑term vote dim and the timeline remains unsettled.
- The plan calls for UC Investments to inject about $2.4 billion for roughly a 10% stake in a new for‑profit arm, Big Ten Enterprises, which would hold league media and sponsorship rights and be paired with a grant‑of‑rights extension to 2046.
- Upfront distributions would be uneven, averaging about $135–140 million per school, with Ohio State, Michigan and Penn State near $190 million, USC and Oregon on a second tier, and future revenue shares influenced by performance and marketing metrics.
- Sen. Maria Cantwell warned presidents that selling equity could undermine academic goals and tax‑exempt status, Sen. Chris Van Hollen urged caution, and several regents complained of limited briefings, while critics press for debt or securitization alternatives over equity.