Sports
Sources: Big Ten closes in on $2 billion capital deal
The Big Ten is closing in on voting on a capital agreement that will infuse league schools with more than $2 billion, industry sources told ESPN.
There’s been momentum within recent days for the deal to push forward, and the structure of the complicated agreement is coming together. A vote is expected in the near future, per sources.
The framework calls for the formation of a new entity, Big Ten Enterprises, which would hold all leaguewide media rights and sponsorship contracts.
Shares of ownership in Big Ten Enterprises would fall to the league’s 18 schools, the conference office and the capital group — an investment fund that’s tied to the University of California pension system. Yahoo Sports first reported the involvement of the UC investment fund.
The pension fund is not a private equity firm, and the UC fund valuation proved to be higher than other competing bids. This has been attractive to the Big Ten and its schools, according to sources.
A source familiar with the deal said there’s been momentum in recent days, but the league is still working with leadership to make a final decision.
The exact equity amounts per school in Big Ten Enterprises is still being negotiated. There is expected to be a small gap in equity percentage between the biggest brands and others, however it is likely to be less than a percentage point.
ESPN reported last week that a tiered structure is expected in the initial allocation of the $2 billion-plus in capital, with larger brands receiving more money. Each school, however, would receive a payout in at least the nine-figure range, sources said.
The deal would call for an extension of the league’s Grant of Rights through 2046, providing long-term stability and making further expansion and any chance league schools leave for the formation of a so-called “Super League” unlikely.
Traditional conference functions are expected to remain with the conference. Any decision-making within Big Ten Enterprises would be controlled by the conference. The UC pension fund would receive a 10% stake in Big Ten Enterprises and hold typical minority investor rights but no direct control.
The money infusion is acutely needed at a number of Big Ten schools that are struggling with debt service on new construction, rising operational expenses and providing additional scholarships and direct revenue ($20.5 million this year and expected to rise annually) to athletes.
The Big Ten has argued that the deal would alleviate financial strain and help middle- and lower-tier Big Ten schools compete in football against the SEC.
ESPN first reported last week that the league was in detailed conversations about the deal.
Big Ten Enterprises would be tasked with not just handling the league’s valuable media rights (the current seven-year, $7 billion package runs through 2030) but trying to maximize sponsorship and advertising deals leaguewide such as jersey patches or on-field logos.
“Think of it this way — the conference is not selling a piece of the conference,” a league source told ESPN last week. “Traditional conference functions would remain 100 percent with the conference office — scheduling, officiating and championships. The new entity being created would focus on business development, and it would include an outside investor with a small financial stake.”
The deal has not been without detractors, with both Michigan and Ohio State — the league’s two wealthiest athletic programs — expressing skepticism initially, per sources. Each school has been hit with significant lobbying not just from the league office but also other conference members to come to an agreement.
Politicians in a number of states have also voiced opposition, including United States Senator Maria Cantwell (D-WA) who stated Thursday, “You’re going to let someone take and monetize what is really a public resource? …That’s a real problem.”
Cantwell followed up Friday by sending a letter to each Big Ten president warning that any deal involving private equity could invite review, including impacting the schools’ tax-exempt status.
Bruno Fernandes has conceded that he needs to work on his penalties after struggling from the spot this season, but the Manchester United captain insists he loves the pressure that comes with playing for the club.
The usually reliable Portugal midfielder has missed crucial penalties in United’s 1-1 draw at Fulham and the 3-1 defeat to Brentford that have contributed to the team’s difficult start to their Premier League campaign.
“This season, out of three [penalties], I ended up missing two,” Fernandes told a news conference on Friday. “I don’t want to miss any of them. It’s something I need to study better. I’ll always do it with full conviction because there’s a coach who trusts me.”
Fernandes was foiled by Brentford goalkeeper Caoimhín Kelleher during United’s defeat in west London on Sept. 27.
When asked about the prospect of lining up against Kelleher when Portugal take on the Republic of Ireland on Saturday, Fernandes said: “Every day is a good day to settle scores.
“He was stronger. He did very well, and I didn’t. But it’s not something that affects my head. In a football team, there’s something bigger than individuality. Winning is much more important than settling scores with the Irish goalkeeper.”
United beat Sunderland 2-0 at Old Trafford last weekend to climb to 10th in the table and ease the pressure on coach Ruben Amorim.
United finished 15th in the Premier League last season — their worst position since being relegated in 1974 — while also losing the Europa League final to Tottenham Hotspur.
Fernandes, 31, said he does not consider joining Portugal on international duty as an escape from noise that comes with playing for United.
“They’re different things,” he said. “Here, it’s being at home, it’s speaking Portuguese, it’s eating Portuguese food. It makes me feel good. But I feel good in Manchester, I love the pressure. It means the goal is bigger, and I’m a person who enjoys challenges.
“I love representing the national team, it’s a source of pride. The pressure is the same whether I play for Portugal or for my club. The goal is the same: to win.”
Fernandes, who is in his sixth full season at United, turned down a move to Al Hilal in the summer to remain at Old Trafford.
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Amorim’s decision to deploy Fernandes in a deeper position in midfield instead of his familiar No. 10 has been the subject of much debate, but Fernandes said he sees benefits to playing in both positions.
“I like playing football, regardless of the position, I’ll do my best,” he said. “Everyone has favorite positions. In a space with a lot of quality, you have to adapt. I played these positions with [coach] Jorge Jesus at Sporting. When you see from the front, you can find more space, the risk is lower.
“When I play as a No. 10, the goal is to create plays, to finish. I adapt to the team game. The most important thing is to win, I want to play my best.”
Portugal have won their opening two World Cup qualifiers and lead Group F.
Behind superstar A’ja Wilson, the Aces beat the Phoenix Mercury four straight times and won their third championship in four seasons.
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Joe Flacco reacts to fresh start with Bengals, shares motivation behind drive to compete in NFL
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Joe Flacco will once again wear a different uniform when he takes the field Sunday. Just a few days ago, the Cleveland Browns traded the veteran quarterback to the in-state rival Cincinnati Bengals.
Cincinnati received Flacco and a sixth-round draft pick in next year’s draft, while Cleveland picked up a fifth-round pick in the trade, multiple outlets reported Tuesday.
On Friday, Flacco spoke to the media for the first time since his arrival in Cincinnati. At one point during the wide-ranging news conference, the Super Bowl winner revealed what keeps him motivated to continue competing in the NFL.
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Cincinnati Bengals quarterback Joe Flacco speaks to the media during a press conference in Cincinnati Friday. (Albert Cesare/The Enquirer/USA Today Network via Imagn Images)
“You only get a chance to play in the NFL once. I feel like I’ve worked really hard to be a guy that gets to play in the NFL, and I don’t want to take that for granted,” the 40-year-old told reporters. “I still feel like I can play the game at a high level, and I want to be able to look at myself in the mirror when I’m 50 years old and say that I gave it everything I had.”
Flacco was named the Bengals’ starter for the team’s Week 6 matchup with the Green Bay Packers. Flacco reacted to the whirlwind he experienced this week.
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“Crazy business,” Flacco said. “You have to be ready for anything. That’s kind of what it was. Definitely didn’t have this on my list of things that were gonna happen. But, hey, that’s this league. And I’m a player. I think most players would say the same thing. I like to play football. If that’s in Cincinnati right now, then I’m all for it.”
Joe Flacco of the Cleveland Browns looks to throw against the Green Bay Packers at Huntington Bank Field Sept. 21, 2025, in Cleveland. (Jason Miller/Getty Images)
The Bengals were hoping to solidify their quarterback room after star player Joe Burrow sustained a toe injury in the season opener. Backup Jake Browning struggled when he was thrust into the starting role. Burrow underwent surgery last month but could return to action later this season.
Flacco said he’s been in contact with the injured Burrow.
Cleveland Browns quarterback Joe Flacco throws during the first half against the Detroit Lions Sept. 28 in Detroit. (AP Photo/Paul Sancya)
“I feel like I have a lot to offer a football team,” Flacco added. “I feel like I’ve put in a lot of work to this point. I feel like I’ve worked really hard to be a guy that gets to play in the NFL. I still feel like I can play the game at a high level.”
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Flacco went 1-3 in his four starts with the Browns this season. But he did guide an underdog Cleveland team to a dramatic comeback victory over the Green Bay Packers. Flacco will meet the Packers for a second time this season on Sunday.
Dillon Gabriel was named the Browns’ starter entering Week 5. Shedeur Sanders was listed as the backup quarterback on the Browns’ depth chart after Flacco’s move to Cincinnati. The Pittsburgh Steelers host the Browns Sunday.
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