Big 12 reaches private capital deal to add at least $12.5M to conference, optional $30M per school

The Big 12 has closed on a private capital deal with outside investors that will provide at least $12.5 million to the conference.

The league’s partnership with Collegiate Athletic Solutions — a 50-50 venture between RedBird and Weatherford Capital — first became publicized in December but was recently finalized. Yahoo Sports first reported the news.

“Super excited about it, obviously,” said Drew Weatherford, a founding partner of Weatherford Capital and former Florida State quarterback. “Hopefully it’s a defining moment in college sports.”

In addition to the immediate capital, the Big 12 has a year to accept up to another $12.5 million. Its member schools also have the option of taking up to $30 million in credit. It remains unclear how many schools will agree to that deal, but league sources anticipate only a few doing so.

The conference capital will be invested into new revenue-generating initiatives, according to league sources. The deal does not include any ownership or governance stake in the Big 12.

The partnership is believed to be the first between a conference and outside investors.

Private capital has become a popular yet polarizing topic in college sports, with numerous conferences and schools exploring different forms of outside funding while reckoning with how much equity and decision-making to relinquish in return. The Big Ten previously pursued a deal with the public pension plan manager UC Investments. It fell through last year. One of the Big 12’s schools, Utah, announced plans to partner with the private investment firm Otro Capital in December.

RedBird is an investment management firm that is heavily involved in sports, including international soccer and Formula One racing, and manages $14 billion in assets, according to its website. The company is also one half of a joint venture with Abu Dhabi-based International Media Investments, providing financial backing to the Players Era Festival, an in-season college basketball tournament in Las Vegas that pays name, image and likeness dollars to participating teams.

Weatherford Capital is an investment firm with connections to Dallas and Tampa, Fla., that topped $1 billion in assets in 2023. Weatherford Capital is part of the Tampa Bay Rays’ new ownership group, and its portfolio also includes IMG Academy, the prep school powerhouse and training facility.