• Loading stock data...
Wednesday, October 29, 2025
Want a chance to win $250 and free FOS gear? Take our quick reader survey. Take the survey here

‘Not Ready to Jump In’: Power 4 Commissioners Aren’t Sold on PE

A year ago, private equity was circling the top college sports conferences. More recently, the four most powerful commissioners have been pumping the brakes.

Oct 2, 2024; Rosemont, IL, USA; Big Ten commissioner Tony Petitti speaks with the media during the 2024 Big Ten Women’s Basketball media day at Donald E. Stephens Convention Center.
Melissa Tamez-Imagn Images
May 20, 2023; Los Angeles, California, USA; Los Angeles Dodgers and LA Sparks co-owner Todd Boehly watches during game three of the Western Conference Finals for the 2023 NBA playoffs between the Los Angeles Lakers and the Denver Nuggets at Crypto.com Arena.
Exclusive

Mark Walter’s Lakers Buy Includes Dodgers Co-Owner Todd Boehly

Jeanie Buss will retain a roughly 15% stake and remain team governor.
Read Now
October 27, 2025 |

Last summer, the Big 12 was reportedly in talks with CVC Capital Partners to sell a 15% to 20% stake in the conference for $800 million to $1 billion. Other private-equity firms circled the rest of the nation’s top conferences.

“Having a capital resource as a partner makes a ton of sense,” Big 12 commissioner Brett Yormark said in July 2024 at his conference’s preseason football media days. “That’s really how you conduct good business, I really believe that. And if you see where private equity is kind of making a path into professional sports, at some point in time, it’s going to come here into college athletics.”

But more than a year later, no conference has made the leap, and top leaders continue to question the value of opening their doors to private equity. The only power conference still even pursuing private-equity deals currently is the Big Ten.

This summer, Front Office Sports asked each of the Power 4 commissioners about the status of PE talks. 

  • “We’re well informed,” Yormark said in late May. “We know what’s going on in that world … and we’re just not ready to jump in just yet.”
  • In July, SEC commissioner Greg Sankey said, “We have been probably two and a half, three years into visits with banks, with private equity, with venture capital. … That’s not been the right direction for us. We’ve not seen the concept that works.”
  • ACC commissioner Jim Phillips said his schools are “very educated about it, and there just hasn’t been anything that really has made sense.”
  • Though the Big Ten’s Tony Petitti was the only commissioner to confirm he was still actively considering deals, he also said any deal is “a long way from crystallizing.”

The collective trepidation is a big shift from this time last year, when the floodgates appeared ready to open.

“There continues to be some uncertainty on both sides of the table,” says KPMG U.S. industry sports leader Shawn Quill, who helps advise PE firms and universities. 

Quill cites several reasons for the slow movement around PE, such as concerns about the return on investment—both from firms about how much money they could make, and from conferences about the consequences of taking the up-front cash. There is also a need for more financially minded executives in athletic departments nationwide, Quill says, noting some departments are starting to hire their own chief commercial, operating, and financial officers. 

Then there is the fact that schools have been faced with sharing revenue with athletes for the first time following the House v. NCAA settlement, as well as changes around NIL (name, image, and likeness) deals. “I think that there are potentially more pressing issues at the moment for these universities.”

Scott Purdy, media industry leader for KPMG U.S., says the temporary nature of private-equity investments—firms typically want to make a profit and exit within a certain time-frame—complicates investing in a conference or athletic department. “There’s not yet a proven mechanism to get money in and get money out,” Purdy says. 

Overall, both Quill and Purdy are optimistic PE will eventually flood into college sports when the time is right, and the Power 4 conferences are keeping the doors open, too—if the price is right.

Phillips said the ACC still “occasionally” gets calls from PE firms, and Yormark called the Big 12’s PE search “a great exercise, and we’ll see what happens in the future.” Sankey said the SEC’s interest would be piqued “if there are opportunities for mutual benefit.”

“We’re still thinking about what that could mean in terms of how you would structure something,” Petitti said. “We’re doing work trying to figure out, if we were to build something, what’s the best way to build it?”

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sankey

SEC’s Sankey Blasts NCAA Plan to Allow Pro Sports Betting

NCAA athletes can bet on professional sports starting Nov. 1.

SEC Coaches Kiffin, Smart Question LSU’s Firing of Kelly: ‘Ridiculous’ 

Three SEC teams have fired their football coaches midseason.
Louisiana Gov. Jeff Landry speaks to an audience at Louisiana Tech University on Aug. 25, 2025.

Why Louisiana’s Governor Was Involved in the Brian Kelly Firing

Jeff Landry reportedly hosted a meeting at the governor’s mansion Sunday.
Brian Kelly

CFB Firings Tracker: LSU Owes Brian Kelly $53 Million

The sum owed Kelly slightly tops James Franklin’s at Penn State. 

Featured Today

September 21, 2025; Santa Clara, California, USA; NFL commissioner Roger Goodell before the game between the San Francisco 49ers and the Arizona Cardinals at Levi's Stadium

NFL Fall Meeting: 7 Big Topics Among Team Owners 

Media, facilities, and labor highlight some of the key areas of concern.
Ohio State Buckeyes running back Isaiah West (32) runs the ball in the second half at Camp Randall Stadium on Saturday, Oct. 18, 2025 in Madison, Wisconsin
October 25, 2025

NIL Has Birthed a Third-Party Cottage Industry—and It’s a Mess

There’s no limit to how much players can make from NIL deals.
Christie's
October 21, 2025

Lou Gehrig’s $4M Jersey and the Exploding Sports Memorabilia Market

An ultra-rare sports collection is about to hit the auction block.
@chef__tezz/Instagram
October 19, 2025

Inside the NFL’s Private Chef Network

Private chefs are the unsung architects of player performance.
Tigers Head Coach Brian Kelly, LSU Tigers take on the Texas A&M Aggies. October 25, 2025; Baton Rouge, Louisiana, USA; at Tiger Stadium. Saturday, Oct. 25, 2025.

College Football Coach Buyouts Are Not What They Seem

LSU will likely not have to pay Kelly the $53 million he has left on his contract.
October 26, 2025

Revenue-Sharing Era’s New Powers: Indiana, Georgia Tech, and Vandy

Indiana is the most notable, having ascended to No. 2.
October 26, 2025

LSU Ends Brian Kelly Era, $53M Buyout Negotiations Underway

The Tigers fell to 5–3 after losing to Texas A&M.
Sponsored

Why Alexis Ohanian Is Betting Big on Women’s Sports

Alexis Ohanian reflects on his evolution from Reddit cofounder to one of today’s most dynamic sports investors.
October 26, 2025

Sarkisian, Kiffin Address Rumors As Coaching Carousel Spins Again

Reports are rampant about the coaches taking new jobs.
Azzi Fudd
October 24, 2025

Government Shutdown Moves UConn Season Opener Out of Germany

The shutdown is now on its 24th day.
Vanderbilt quarterback Diego Pavia (2) celebrates following the game between Vanderbilt University and Louisiana State University at FirstBank Stadium in Nashville, Tenn., Saturday, Oct. 18, 2025
exclusive
October 24, 2025

Diego Pavia Is Trying to Kill NCAA JUCO Eligibility Rules for Good

Vandy’s QB is amending his own lawsuit to encompass all NCAA athletes.
Oct 11, 2025; Tallahassee, Florida, USA; Florida State Seminoles head coach Mike Norvell after losing the game to the Pittsburgh Panthers at Doak S. Campbell Stadium.
October 23, 2025

CFB’s Chaotic (and Pricey) Coaching Carousel Only Getting Started

Firings have already accounted for roughly $116 million.