Most of Big 12 Not Taking $30M Yet

Afternoon Edition

May 7, 2026

More than half of the Big 12 schools have already decided to decline the option for a line of credit up to $30 million as part of the conference’s new deal with RedBird Capital Partners and Weatherford Capital. Texas Tech, Iowa State, and Colorado won’t opt in, Front Office Sports has learned.

—Amanda Christovich and David Rumsey

First Up

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Majority of Big 12 Schools Are Turning Down $30M RedBird Credit Option

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More than half of Big 12 schools say they are declining the option for a line of credit up to $30 million as part of the conference’s new deal with RedBird Capital Partners and Weatherford Capital.

Texas Tech, Iowa State, Colorado, Kansas State, and Arizona will not opt in, Front Office Sports learned on Thursday, in addition to several previously reported schools.

The deal, which was approved just over a week ago, includes a $12.5 million infusion of capital for the Big 12 at the conference level to be reinvested, a business partnership for RedBird to help source deals for the Big 12, and the credit option for each individual school.

As of now, the window to accept the credit line will be open for one year. Schools are not required to take the money, but if they do, the Big 12 would withhold a portion of their annual school distribution for the private-equity firms on an annual fixed repayment schedule.

If all schools were to take the deal, RedBird and Weatherford would shell out a total of $500 million.

Texas Tech will decline the credit option, FOS confirmed Thursday.
Colorado told FOS in a statement that it “is not opting in” to the credit option. But it added it “supports the Big 12’s agreement with RedBird Capital and Weatherford Capital, and we are confident that this agreement positions the conference and its member institutions for success in the current dynamic environment of college athletics.”
An Iowa State spokesperson told FOS: “While we are appreciative of the Big 12’s efforts we do not plan to use the line of credit.”
A Kansas State spokesperson said the school “does not plan to utilize” the credit option.
An Arizona spokesperson told FOS: “We appreciate the Big 12 Conference’s innovative commitment to supporting its member institutions and student-athletes in a dynamic and evolving environment. After careful consideration, we have decided that University of Arizona will not pursue the optional institutional capital opportunity.”
Baylor, Cincinnati, Houston, TCU, UCF, and West Virginia have all told local news outlets they will be holding off on the credit line—at least for now.
Kansas hasn’t yet decided whether it will utilize the credit option.

Representatives for Arizona State, BYU, Oklahoma State, and Utah did not immediately respond to a FOS request for comment.

Utah in December struck an investment deal with private-equity firm Otro Capital for managing revenue-generating athletic operations.

A RedBird spokesperson sent the following statement to FOS: “This partnership is much bigger than just capital to schools—it’s a commercial partnership where RedBird and Weatherford are delivering commercial revenue to the Big 12. We are playing the long game where schools have one year to opt in for when the landscape becomes clearer for the ecosystem and individual needs. It’s not intended to be a one-time offer, it’s a long-term feature of a broader agreement for the Big 12 and their member schools.”

The Big 12 declined to comment when reached by FOS.

PE’s College Push

The Big 12’s pact with RedBird comes as private-equity firms continue to search for more entry points into college sports.

Learfield—a longtime college-sports-focused company that partners with athletic departments to procure sponsorships, media deals, and now NIL opportunities for athletes—last month sold a controlling stake to PE firm TPG in a deal worth about $2 billion.

The Big Ten was close to finalizing a private-capital investment from UC Investments, a pension fund for the University of California system, that would have given UC Investments an ownership stake in Big Ten assets, but the deal fell apart when multiple schools objected.

Editors’ note: RedBird IMI, in which RedBird Capital Partners is a joint venture partner, is the primary investor in Front Office Sports.

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The hours you don’t see are the ones that matter most. The practice. The preparation. The constant refinement. Great golfers don’t leave performance to chance—they design for it.

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ONE BIG FIG

The World Will Be Watching

A man jogs around the track at Jack Curtis Stadium in Cooper River Park, Pennsauken, after an appearance by Gov. Mikie Sherrill on May 6, 2026. Sherrill announced a $5 million initiative to bring 2026 World Cup festivities to communities across the state.

Courier-Post

6.5 million

The number of people Bank of America forecasts to attend the 104 matches of the FIFA men’s World Cup across the U.S., Canada, and Mexico. The figure is set to surpass the 3.6 million record set at the 1994 men’s FIFA World Cup in the U.S., according to the Bank of America note. The bank’s analysts note that the tournament, which kicks off next month, will be “the largest sporting event ever staged.”

LOUD AND CLEAR

Basketball League Mergers

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“It is great to have other options in Athletes Unlimited and Unrivaled to give players the opportunity to play in the offseason. … I think down the line, I would envision some of those leagues merging together and giving players the opportunity to actually have a full offseason.”

—Indiana Fever guard Lexie Hull said about the professional women’s basketball leagues that have emerged since the WNBA’s recent rise. Hull, who has played in Unrivaled and Athletes Unlimited, says the schedule and structure of the different offseason leagues work for some players now because of the WNBA’s limited roster spots and relatively short schedule. Read the story.

STATUS REPORT

One Up, One Down, Two Push

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The Courier-Journal

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Melbourne ⬆ The Australian government has overturned a controversial decision to ban showing World Cup matches at the city’s Federation Square, a day after the Melbourne Arts Precinct (which governs the square) announced the ban due to “simply unacceptable and damaging behaviour” from some fans. The square has shown matches since 2006, but a screening of Australia’s third-place match during the 2023 Women’s World Cup was canceled after fans stormed venue barricades during the Matildas’ semifinal game.