The news broke on Thursday evening that the Big 12 Conference is moving closer in it's pursuit of a deal with potential venture capital partners.
According to college football report Ross Dellenger of Yahoo Sports, administration members from Big 12 schools "reviewed bids from three finalists" in the league's search for inking a deal with a venture capital partner.
Such a deal might help even the gap in revenue between the Big 12 and the so-called 'Power 2' conferences -- the Big 10 and the SEC.
According to Dellenger, RedBird Capital has leapt to the forefront of the search as a leading candidate, and RedBird and other firms are potentially looking to add millions of dollars to Big 12 schools' athletic budgets. A decision on the matter is expected to be made in the coming weeks.
Big 12 presidents & ADs today reviewed bids from three finalists in the league’s pursuit of a capital partner, sources tell @YahooSports.
— Ross Dellenger (@RossDellenger) February 27, 2025
Firms are proposing to infuse millions to schools. RedBird Capital has emerged as the leader. A decision is expected in the coming weeks.
RedBird Capital was founded in New York City in 2014 and has assets under management of over $10 billion as of 2022. The firm is no stranger to investments in the sports world, as they have an ownership stake in the United Football League and legendary European soccer club AC Milan.
RedBird also has ownership stakes in multiple other European soccer clubs, a minority stake in YES Network, and has invested into sports conglomerate Fenway Sports Group -- which owns the Boston Red Sox and Pittsburgh Penguins, among other entities across professional sports.
It was reported earlier this summer by CBS Sports that the Big 12 might be open to a private equity deal with Luxembourg-based CVC Capital Partners which would provide an "$800 million to $1 billion" cash infusion which would bring the Big 12 "much closer" to the latest Big 10 media rights deal.