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Message: [QUOTE="Drew, post: 5288097, member: 3723"] If I had to guess (and its purely a guess) - the play essentially is: Buy equity into league with some upside language around future league revenues (likely need an extended hold period to realize gains) Finance expansion (in Big 12’s instance, add Clemson/FSU or something similar) or other similar initiative (pay $ to SEC/B1G teams for them to play on the road at Big 12 teams?) to increase media rights deal payout Potential to add other “events” to conference schedules (mid-year conference tournament at MSG?) that would give them additional revenue streams. Maybe they create a separate media function or buy/leverage a streaming service for exclusive rights to showcase Big 12 games and other content? Option to sell equity at some pre-determined rate back to the conference they buy into (or another buyer) after the hold period (typically 3-7 years) Regardless, traditional PE investment models don’t make a ton of sense for college sports given their return requirements, traditional hold periods, and how they make money from deals. If you’re going to fund the Big 12 buying FSU and Clemson as an example, they can’t even join the league until 5 years from now, which more or less takes up the entirety of a traditional hold period before they’d exit. I just don’t see how it makes a ton of sense [/QUOTE]