Sports
Sources: Big Ten closes in on private equity deal
The Big Ten is closing in on voting on a private 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.
Secretary of State Marco Rubio said on Thursday Washington had no objections to Iranian players participating in the 2026 Fifa World Cup but he added the players will not be allowed to bring with them people with ties to Iran’s Islamic Revolutionary Guard Corps (IRGC).
“Nothing from the US has told them they can’t come,” Rubio told reporters.
President Donald Trump also said his administration “would not want to affect the athletes” in comments he made at the White House.
The 2026 soccer World Cup is set to begin on June 11 across the United States, Mexico and Canada.
Paolo Zampolli, a Trump envoy who has no official connection with the World Cup, had earlier suggested that Italy should replace Iran at the tournament.
“The problem with Iran would be not their athletes. It would be some of the other people they would want to bring with them, some of whom have ties to the IRGC. We may not be able to let them in but not the athletes themselves,” Rubio said.
“They can’t bring a bunch of IRGC terrorists into our country and pretend that they are journalists and athletic trainers,” Rubio added. Washington has designated the IRGC as a “foreign terrorist organisation.”
Currently there is no suggestion Iran will withdraw or be banned from the tournament that Italy missed out on.
After the start of the Iran war, Iran requested that Fifa move the team’s three group matches from the US to Mexico, which was rejected.
The US and Israel attacked Iran on February 28. Iran responded with its own strikes on Israel and Gulf states with US bases. US-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and displaced millions. A fragile ceasefire in the Iran war began over two weeks ago.
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Cameras showed former New York Giants co-owner Steve Tisch in the team’s draft room Thursday night during the first round.
At one point, Tisch was seen standing near Giants head coach John Harbaugh. Despite no longer holding a majority stake in the NFL franchise, Tisch remains the Giants’ chairman of the board.
ESPN obtained an NFL memo last month detailing plans by Steve Tisch and his siblings to transfer their stake in the Giants to trusts for their children.
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New York Giants co-owner Steve Tisch warms up before the NFL game between the Washington Redskins and New York Giants at Met Life Stadium in East Rutherford, N.J., on Oct. 28, 2018. (Rich Graessle/Icon Sportswire)
“Prior transfers to these Trusts were completed pursuant to 2023 and 2024 Finance Committee approvals,” the memo stated. “The Sellers now propose to transfer their entire remaining interests, totaling 23.1% of the Club, to the Trusts. … Following the transactions, the Sellers will no longer own any interest in the Club.”
It was not clear if the transfer requests were in any way related to Tisch’s name appearing in the Epstein files released by the U.S. Justice Department in January. Tisch’s name came up more than 400 times in the files. Tisch at the time said he knew Epstein but denied visiting Epstein’s island.
As for draft night, the Giants made what some viewed as an unconventional pick at No. 10, selecting offensive lineman Francis Mauigoa.
Francis Mauigoa of Miami celebrates after being selected as the tenth overall pick by the New York Giants during the first round of the 2026 NFL Draft at Acrisure Stadium in Pittsburgh, Pa., on April 23, 2026. (Emilee Chinn/Getty Images)
Before that, the Giants added another piece to their pass rush, selecting hybrid edge/off-ball linebacker Arvell Reese at No. 5.
Reese earned All-American honors at Ohio State and finished his first season as a full-time starter with 6.5 sacks.
Arvell Reese of Ohio State celebrates after being selected as the fifth overall pick by the New York Giants during the first round of the 2026 NFL Draft at Acrisure Stadium in Pittsburgh, Pa., on April 23, 2026. (Emilee Chinn/Getty Images)
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Reese is set to join a pass rush that includes Brian Burns, Abdul Carter and, likely, Kayvon Thibodeaux.
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One of the most intriguing stories entering the first round of the NFL Draft was where Alabama quarterback Ty Simpson might land. Well, fans got their answer sooner than they expected.
The Los Angeles Rams surprisingly selected Simpson with the No. 13 pick in the 2026 NFL Draft.
The selection isn’t completely out of left field and is arguably the best-case scenario for Simpson. The Rams have Matthew Stafford as their starter for 2026, but Stafford has flirted with the idea of retirement each of the past two offseasons. It’s clear the clock is ticking on his NFL career.
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The Los Angeles Rams pulled a stunner and drafted Alababam QB Ty Simpson with the No. 13 pick in the NFL Draft. (CFP/Getty Images)
Now, Simpson gets to sit behind one of the NFL’s best veteran quarterbacks, learn the position while adapting to life in the NFL, and not face immediate pressure to succeed. Additionally, the Rams are one of the most well-run franchises in the league right now. Sean McVay is an elite head coach who led the team to a Super Bowl victory to cap the 2021 season and just had the team within one win of another Super Bowl berth before falling to the Seattle Seahawks in the NFC Championship.
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The most surprising aspect is the Rams looking toward the future, quite frankly. This is a team that has had no problem trading away first-round picks to make its team the best it can be each season. It seemed most likely the team would use the No. 13 pick to improve its team for next season, which could be Stafford’s last. Instead, the team decided to put itself in position for Stafford’s retirement without skipping a beat.
Los Angeles Rams QB Matthew Stafford, now 38-years-old, has flirted with retirement after each of the past two seasons. (Kevin Sabitus/Getty Images)
There were several surprises in the first 13 picks of the 2026 NFL Draft: the Cardinals taking Notre Dame running back Jeremiyah Love at No. 3, the Titans selecting Ohio State wide receiver Carnell Tate at No. 4, the Kansas City Chiefs trading up to take LSU cornerback Mansoor Delane at No. 6 and even the Cowboys trading up one spot to make sure they drafted Ohio State safety Caleb Downs at No. 11.
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But the Rams completely abandoning their recent strategy (usually trading away first-round picks and loading up for now) to select Stafford’s heir apparent is easily the biggest early shock of the 2026 NFL Draft.
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