The Wolverine: Covering University of Michigan Football and Sports
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NOVEMBER 2025 ❱ THE WOLVERINE 9 BY ANTHONY BROOME T he Big Ten Conference is in negotiations with the University of California pension system's investment fund, UC Investments, on a 20-year part- nership, which would provide the conference with $2.4 billion in upfront money in a private eq- uity deal. The University of Michigan's Board of Regents is vehemently against the deal, creating a bit of a standoff with Big Ten lead- ership during a transformative time for college sports. The private equity deal would infuse the conference with up- front payments to 18 league members worth, on average $100 million or more, depending on the school. Big Ten powers such as Michigan, Ohio State and Penn State would receive a sig- nificantly higher portion, potentially as high as $190 million. The Big Ten would also need to ex- tend its grant-of-rights agreement by 10 years, which would lock up all 18 in- stitutions through 2046 and keep them from branching out into another super- conference. The potential deal would also create Big Ten Enterprises, an entity that would manage the conference's media rights, sponsorships, assets and more. UC In- vestments would get a 10 percent stake in Big Ten Enterprises and a cut of the league's annual distribution money as part of the deal. U-M and USC officials met and dis- cussed the matter on the weekend of the football team's 31-13 loss in Los Angeles on Oct. 11, finding themselves in lockstep on pushing against the deal. "The Big Ten does not need to be sold to save college sports," Regent Jordan Acker said during the meeting at U-M Flint on Oct. 16. "It needs to lead to save col- lege sports. … We cannot sell our legacy to private investors pretending that it's progress." Regent Mark Bernstein raised his con- cerns with the deal at the meeting. "Who would have thought that the Big Ten Conference would need a bailout like this?" Bernstein said. "Make no mistake, that's exactly what this is. It's character- ized to us as a payday loan, a very big pay- day loan, but that's pretty much exactly what this is. And I just think it's important that we appreciate that there are alter- natives, valuable alternatives to this ap- proach that should be considered. "And the conference's failure to do so is both, in my view, reckless and short- sighted. And the contrived urgency of this matter is, frankly, mysterious to me and to my colleagues on this board. The confer- ence needs to slow down and con- sider better ways to address the very real problems facing some Big Ten universities and their ath- letic departments. But it is the job of the board, and certainly the po- sition of this board, to protect the future from the present." The Big Ten Conference Coun- cil of Presidents and Chancellors Executive Committee released a statement after the U-M Regents met, stating that it was not work- ing on a private equity deal, but rather with a "non-profit part- ner." "Over a year ago, we instructed the conference to undertake a comprehensive process, alongside our members, to innovate for the future and extend the conference's legacy of academic and athletic excellence," the statement read. "The Big Ten remains committed to modernizing the opera- tions of our conference, strengthening conference stability, preserving Olympic and women's sports, and enhancing the student-athlete experience. The confer- ence has provided an option from a non- profit partner — not private equity — that meets those objectives. Ultimately, it is the decision of the Big Ten member in- stitutions' presidents and chancellors to decide if it's the right opportunity, and those conversations are ongoing." A decision on the deal must be unani- mous among the Big Ten's member schools, and Michigan and USC's stance hampers the ability to push the deal across the finish line. Athletics director Warde Manuel was present at the meeting but declined com- ment on the private equity deal, according to The Detroit News. ❑ ❱ Inside Michigan ATHLETICS U-M, USC Rally Against Big Ten's Attempt At Private Equity Deal The Big Ten Conference schools must be unanimous to approve a $2.4 billion investment from UC Investments, which is currently in negotiations. Michigan and USC stand in opposition, however, with one U-M Regent calling it a "bailout," "shortsighted" and "a very big payday loan." PHOTO COURTESY BIG TEN