USC, Michigan Question Big Ten’s $2.4 Billion Private Capital Plan as Talks Continue

USC’s athletic director says the school must protect long-term value during negotiations over an investment tied to an extended grant of rights.

Overview

In a public letter, USC AD Jen Cohen called for a thorough review, citing fiduciary obligations and concerns about long-term value and flexibility.
The proposal would form Big Ten Enterprises, extend the league’s grant of rights to 2046, and sell a roughly 10% stake to UC Investments for up to $2.4 billion.
Cohen warned the infusion would be unevenly distributed and could create a tiered revenue system, with equity and upfront payout tiers still being negotiated.
Michigan’s Board of Regents has formally opposed the plan, while a majority of Big Ten programs and commissioner Tony Petitti are described as supportive, with no vote scheduled.
Supporters point to short-term cash needs across some schools, including facility debt and rising direct payments to athletes, as a key motivation for the deal.