would they want to add schools and slice that cash pie into more slices. Has the P2 even discussed adding schools and who they would even consider? NO The "inside info on conference realignment" has come from these pathetic "journalists" who know they can make up any story they want and there are no consequences when nothing they predicted comes to pass. How does ACC, BIG12 compete? The private equity route may be the only way to even stay close in the money rush!!

how PE arrives at a $2B figure looking at current and future revenue projections there are a whole lot of details and questions yet to be answered before voting for a deal. I will leave the valuation question for discussion for another day at present. To start with what are the terms? Is it structured more as a loan with finite terms and a definite repayment/exit period? What is the financing goal? Is it immediate revenue needs or just front ending/locking in future revenue projections for a definitive amount? What are the mechanisms going to be to address any unforeseen or unanticipated future industry or regulatory changes? These are only a few questions and maybe not even the most significant ones that must be addressed before any deal can be completed. PE guys are sharks. They do this for a living and they are rarely, if ever, the people that get left holding the bag if the deal goes bad. PE deals have been speculated about for over a year now. How many of those deals have come to fruition? Wonder why that might be? If I was a college administrator I would be very wary of the fast buck boys.

This subject has been circulating on "the boards" for quite a while, now, and longer still behind closed doors. It wouldn't surprise me to find that there have already been plenty of decisions made among PE and the conferences. As to why nobody has actually moved yet, I assume the biggest factor is that the conferences are not yet in their final form. If they act before the pieces are in-place they will need to project valuations on candidate schools and various bundles of candidate schools. I'm sure the school presidents are uncomfortable with that much guesswork. The next round of movement may need to happen first.

both plausible and reasonable IMO. Thanks. It does, however, run counter to the Big 12 shill's theories about conference expansion and the future. Also funny that over two years in now, and likely running until at least 2030/2031 now, that the strong voices who previously said things would happen in weeks or months have been debunked, exposed and disappeared in silence.

problems with that. When VT takes a haircut in conference distributions, the AD (the new one?) might look at things differently. same goes for Louisville, Pitt, and a few others that might look at the ACC differently. FSU, Miami, and Clemson will do OK, but can you say for certain that the rest of the ACC is going to be happy with them making more money? The Baltimore guy is right, the ACC is on borrowed time.

a relevant point to your rambling or just more of your incessant passive aggressive shots at the ACC borne out of your Big 12 insecurities and little brother complex?

media rights deals already projected to provide each conference member nearly $100 million per year, why would you even consider the need for such a deal? Greed? Not so sure on the TV/media revenues in the future?

be valid reasons and it is always wise to consider the specifics. However, the specifics and details so far do not seem to match up. It is ALWAYS about the money and $100MM may not buy tomorrow what it buys today. If you look at the revenue and expense progressions college athletics has been on a steadily upward trend fed by rising media rights but, at some point it might be wise to consider if and where a ceiling might be before they have to respond at the barrel of a gun.

and with valid reasons, they are skeptical with the history of companies being broken up, jobs being lost, and companies vanishing. If you take a look at KKR as an example of a PE firm, they tend to bring in different management, a different direction, dress up the pig, and sell the companies or properties at a much larger valuation. A win win for the companies, workers, and investors alike. If you run the numbers, and of course your imagination - there are ways that PE may make sense. What if (please take this with a large grain of Himalayan salt): The B12 gets a large sum of PE money and: They entice the mag 7 to join the B12 and the B12 goes to 24 schools They take control of the media negotiations, and craft a package of multiple media companies that double what the conference now makes on a per school basis. They also negotiate the new playoff distribution to almost double what the B12 is currently getting, as with 24 schools, and a P3, the distributions would be much closer to the BIG and ESPN distributions. How much would that be worth to all of the schools in the new B12? Would that kind of raise entice the top mag 7 schools to seriously consider such a move? The PE firm gets their ROI in a % all of the money the conference makes, assuming the conference distributions approach SEC money, who loses? Would 1 or 2 Billion cover that with the new contracts being done by 2030? from my perspective, all it takes is a win win.

but, do you really have any examples of a win/win? You use KKR but, I am not sure you can point to a single transaction of theirs that has been a win/win. Note you can point to CHI Overhead Door and a limited number of others where KKR ignored their normal cost cutting and financial reengineering models to focus on employees and save a company, however, the win/win component was sacrificed as they did not achieve their own needed returns. Sacrificing a limited number of opportunities for positive PR is a short term media rather than a long term business strategy. Valuations, multiples, ROI usually go up because making money is what they do but, companies, communities, employees, etc. are generally stripped carcasses, if they continue to exist at all. Your idea of PE taking the control of media negotiations and/or magically healing the ailing weak sisters like the Big 12 and the ACC seems farcical to me. The big boys(SEC and BIG) along with the networks inviting the fast buck guys in is akin to the chickens inviting the fox to the hen house for a meal oblivious to the fact they are about to become the meal. I will ask you the same question already asked but, yet still unanswered. As much as PE has been talked about and the acknowledged ability of the fast buck boys to do a deal, why no action yet? I think we both know why and that is because when the curtain gets pulled back on actual deal specifics the juice has not yet been, and might never be, worth the squeeze. You are entitled to your perspective, I just disagree with it based on business principles and having experience watching the PE vulchers work up close. ** Edited by 2hhoop3 at 10/2/2025, 6:50:01 PM

convince you that PE is right for college athletics, but there are some thing I have a hard time wrapping my head around, and while picking your brain is sometimes an adventure, the responses are usually well thought out and interesting. Academy sports jumped off the page when asking for an example of a KKR holding where they bought a company, installed different management, grew the brand, then got their ROI in a public offering. Most definitely a win win for everyone involved. My example of PE involved with the B12 is pure fantasy, but I can see something like that playing out on the conference level, or maybe the association level with the NCAA. I do not see any individual schools entertaining PE as they are not private entities, even with the private schools. maybe a separation of accounting, but I can never see a ND or Syracuse going the way of PE just to be competitive for a few years. As far as your question that no one has answered, they can't, because it hasn't happened - yet. they are exploring the options however, and there are reports all over the place that discussion are being held. The part that I have difficulty wrapping my head around, is that the NFL uses PE. So does MLB, the NHL, the NBA, major League Soccer, ... etc. When they find that win win with college athletics, IMHO it will happen, but not knowing any of the specifics of the aforementioned deals, as you stated in a different post, the devil will be in the details.

look at the rules surrounding PE pro sports investments. They really amount to nothing more than a tightly restricted financing vehicle devised to facilitate ownership investment with ease that were being restricted by the massive run up in franchise valuations. I would also encourage you to take a little deeper dive in to your understanding/evaluation of the KKR/Academy transaction. I think most of the reports out there on PE deals are just clickbait *****s looking to stir the pot and shake the trees to see if something/anything might fall out and very little thought is given or knowledge exhibited about the specifics and realities of the potential "deals" being reported on.

being tapped into to make the high valuations liquid for the owners. With the NHL, it was an investment that took over the licensing rights, and to market jerseys, t-shirts, and everything and anything they could produce and sell. The others, I have no idea the details, or why, but there are deals with ALL of the major pro leagues. I am familiar with the Academy Sports transaction, but KKR is extremely diverse and global. everything from medical devices to natural gas exploration. We could spend months evaluating KKR, but I'd rather not, as they were used as an example only. (you asked). You talk about "most of the reports", but I think even you would have to admit, that those deals that paint PE as bad, are the ones that get the ink. It's pretty rare that you read a report where PE getting involved was a win win, because who wants to write about that? My original post was meant to give a different perspective, and while i know how you feel about PE in college athletics, there might be some other opinions I might find interesting.

the reason you do not read about the win/win is that they are relatively few and far between and often due to very unique circumstances.

but, you can educate yourself further if you desire.

as your posts continue to scream otherwise.

The real question is whether and when the P2 will invite ACC schools. Without an invitation, no school would leave, even if the exit penalty were zero. The year 2030 is significant not only because the exit penalty drops to $75 million but, more importantly, because that’s when the Big Ten’s new media deal begins.

additional schools. If my revenue from media/private equity is $400 million/year, what possible reason would I want to add more schools to shrink my share by $20-25 million a year or more?

rather than sooner. That's my huge concern in all of this situation.

It’s very different from the PAC MTW disagreement ACC schools are only free if the conference or the ESPN contract disappear.

it could be much broader than you think.

...MWC and now doesn't want to pay after raiding them. Its not anti-trust to enforce mutual agreements.

then it is entirely possible that this has a far reaching impact, much like the non-compete clauses that were struck down decades ago.