The payback to the PE firm is the expectancy of a Big future increase in revenue - which goes directly to the PE firm - NOT the schools. If successful, the schools in the league will end up with something similar to the current ACC contract. That is a very long contract term (think decades) with future earnings per team falling behind the conferences that did not have PE and are eligible for full payments. It is very reasonable to assume that the annual PE take of the overall annual conference earnings would be several million per team each year in the future. After all the future value of TV revenue does not increase for a conference because the there was private equity funding was used 10 or 20 years before. Not to mention, the current ACC GOR will be much less restrictive than a GOR required of a PE firm is investing in a conference. Teams would need to sign a GOR that would span the length of the contract (i.e. decades) with even more obtuse penalties and no loopholes. So much for Big 12 being a stepping stone to SEC or BIG (which is still FSU's, Clemson's, and others desired out come and end game). The ACC risked possible future earnings increases for a roll of the dice on the ACC Network revenue and is stuck with a bad contract over the final 15 years of a 25 year GOR. A PE firm is rolling dice on a conference with the expectations that extra money up front over a 3-5 year period will turn into increased revenue over an even longer that 25 year term. Private equity knows the risk and will make the conference pay for it with a long contract period. That is the only way they know they will be successful since there is no hard asset to sell at the end. ** Edited by mjfhokie at 7/18/2024, 5:26:43 PM