Big Ten Weighs $2B Private Equity Deal Through 2046

The Big Ten is in advanced talks over a private-capital deal that could inject at least $2 billion by creating a new commercial arm, Big Ten Enterprises, which would divide equity into 20 shares (18 schools, the league and an outside investor) and extend the conference's grant-of-rights through 2046. The proposal would centralize media rights, sponsorships and other revenue streams and deliver nine-figure up-front payments on a likely tiered basis, with larger programs expected to receive bigger shares. League officials say the outside investor would take a financial stake but would not control daily conference governance; the plan is pitched as a way to modernize revenue generation and limit the formation of future "super leagues." Nearly all member schools reportedly back the plan, but powerhouse programs Michigan and Ohio State remain in discussions to secure larger slices and the league is seeking unanimous support before a vote. The proposal has prompted pushback from some public-university officials — notably Michigan Regent Jordan Acker, who warned selling public university assets to private capital would betray students and taxpayers — and league officials say nothing is imminent. Observers say the potential deal reflects a broader surge of private-equity investment in college athletics, with firms such as Arctos and Ares among those exploring similar deals.