U.S. Senator Maria Cantwell (D-Wash.), the Ranking Member of the Committee on Commerce, Science and Transportation, has sent a letter to the presidents and chancellors of Big Ten Conference universities expressing concerns about reports that the conference is considering selling a portion of its athletic revenue to private equity investors. Such a deal would require approval from the universities involved.
“This proposed deal with a private equity investor may be counter to your university’s academic goals, may require the sale of university assets to a private investor, and may affect the tax-exempt purpose of those assets,” wrote Sen. Cantwell in her letter. She also noted that some regents and trustees at Big Ten member institutions indicated they had not been fully briefed on the details of the proposal. “This draws into question whether the Conference has been transparent about the details and long-term consequences of the deal.”
Sen. Cantwell emphasized that private equity firms have different objectives than universities. “The primary goal of these companies is to make money for the firm, which is unlikely to align with the academic goals of your university or its obligations as a not-for-profit organization,” she wrote. “These investors will be focused on maximizing their investment, not on preserving and growing athletic and academic opportunities for student athletes.”
She further cautioned against using media rights as collateral for private investors: “Your media rights are a valuable asset that should generate revenue for your institution, not be used as leverage to ensure that a private investor gets its anticipated return or covers its losses.”
According to recent reports, including an article by ESPN, the Big Ten is in talks about a $2 billion deal involving private capital investment in its athletic revenues (https://www.espn.com/college-sports/story/_/id/46452188/sources-big-ten-discussing-2-billion-private-capital-deal). Additional coverage from CBS Sports highlights that this potential arrangement could include extending grant-of-rights agreements among member schools (https://www.cbssports.com/college-football/news/big-ten-contemplating-2-billion-private-equity-deal-grant-of-rights-extension-with-decision-on-horizon/).
The senator also raised questions about possible changes in how revenues would be distributed among Big Ten institutions if such a deal goes forward. Reports suggest distributions could become tiered rather than equal, potentially benefiting larger schools more than smaller ones over time (https://www.nytimes.com/athletic/6685750/2025/10/03/big-ten-private-equity-rights-realignment/).
Cantwell called on university leaders to seek full transparency regarding any proposed agreement with private investors and urged them to carefully consider both immediate and long-term implications before proceeding.
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