the athletic department, they share control and ownership with the PE investors. It's an interesting idea; cover the $120M in exit fees with that invested capital, and then the PE investors would recoup that investment via some proportion of the incremental TV money they'd get from one of the super conferences. It would take a few years for the PE investors to recover their $120M investment, and thereafter then they'd get some cashflows from the FSU athletic department for as long as they are equity holders. In this scenario, FSU would be at a disadvantage competitively in terms of revenues relative to their brethren in the super conference they might join (because they have to pay the vig to the PE guys), but presumably ahead of where they are now. ** Edited by MaroonLantern at 8/5/2023, 1:55:02 PM