🔊 Is This The Beginning Of The End For Collegiate Athletics?

This week, history was made.

The University of Utah became the first college to agree to a private-equity deal, transforming how its athletic program is financed and operated.

The university will partner with Otro Capital, a private equity firm with deep expertise across sports, entertainment, and media, to create a for-profit entity called Utah Brands & Entertainment LLC.

That company will take over the business side of athletics, which includes managing:

The university will maintain control over decision-making regarding operations, scheduling, strategy, hiring, and governance.

The deal is reportedly expected to generate more than $500 million.

Obviously, this is a major development for college sports.

The real question now: what does this mean long-term for the school, the fans, and the athletes themselves?

Why Does This Matter?

Frankly, the cat’s been out of the bag.

We all knew something like this was coming. It was just a matter of time.

Now that it’s here, everyone is wondering what will happen next and how it all plays out.

With details still emerging, mixed reactions are understandable.

But instead of getting lost in hypotheticals, it’s more useful to understand why schools are even considering private equity in the first place.

College athletic departments are under real pressure.

Most operate at a loss, and that gap is widening fast, driven by NIL, revenue sharing, potential back damages, and ballooning coaching salaries.

Take Utah as an example.

In fiscal year 2024, the athletic department reported a $17 million deficit, spending $126.8 million against $109.8 million in revenue.

Football generated a $26.8 million profit, and men’s basketball added $2.6 million.

The other 17 sports combined lost $21.2 million.

This isn’t unique to Utah. It’s the reality across college athletics.

And other solutions aren’t great:

Private capital offers another path.

It can help scale infrastructure efficiently, improve the fan experience, better support non-revenue-generating sports, and create more sustainable ways to pay athletes.

And it’s not just about the money.

Firms like Otro Capital also bring operating experience.

They’ve built and run sports-focused businesses before, something most universities aren’t necessarily set up to do.

And let’s be honest.

As someone who’s been a college athlete, a pro, and now works in the business, the era of amateurism has long been over.

College sports aren’t changing into something new.

They’re becoming a more transparent version of what they already were.

This deal is just the clearest signal yet.

Does private equity have a bad rap? Of course.

Are there risks? Absolutely.

Can this create a better ecosystem for every stakeholder involved? TBD.

We can spend all day debating the pros and cons, but one thing we know is that this deal won’t be the last.

Private equity is here to stay.

So the only real question becomes who accepts it, and who gets left behind.

• Apollo Sports Capital Acquires Minority Stake In Wrexham AFC. Apollo Sports Capital (ASC), the sports-based affiliate of Apollo Global Management, has acquired a minority stake in celebrity-owned Welsh club Wrexham AFC. The agreement will see Wrexham, which plays in the English Championship League, receive a cash injection from ASC, while Hollywood stars Ryan Reynolds and Rob Mac remain controlling owners of the club. Financial details weren’t disclosed; however, it has been widely reported that ASC’s stake is less than 10% (more here).

• Prospector Baseball Group Acquires Jacksonville Jumbo Shrimp & Akron Rubber Ducks. Prospector Baseball Group (PBG), a new platform building a modern, community-driven Minor League Baseball collective, has acquired the Jacksonville Jumbo Shrimp from Fast Forward Sports Group. PBG has also acquired the Akron RubberDucks, the other Minor League Baseball franchise owned by Fast Forward Sports, as part of the transaction. The RubberDucks are the Class AA affiliate of the Cleveland Guardians, while the Jumbo Shrimp serve as the Class AAA affiliate of the Miami Marlins. Financial details were not disclosed (more here).

• QSI Acquires KAS Eupen. Qatar Sports Investments (QSI), the owners of Paris Saint-Germain, has acquired Belgian second-tier soccer team KAS Eupen. The state sovereign fund-backed group is purchasing the club from Qatar’s Aspire Zone Foundation. They will take full operational control of the team. QSI will focus on “strengthening KAS Eupen’s sporting model, expanding its commercial capabilities, and identifying growth opportunities. Key priorities will include youth academy development, infrastructure upgrades, and enhanced community engagement.” Financial details were not disclosed (more here).

• OnDeck Partners Acquires Visalia Rawhide & Montgomery Biscuits. OnDeck Partners, a newly formed sports ownership group within the Avenue Sports Fund, led by Marc Lasry, announced its entry into Minor League Baseball with the acquisition of two franchises, the Montgomery Biscuits and the Visalia Rawhide. The acquisitions mark the first step in the new group’s long-term goals of investing in affordable entertainment with a focus on local communities and their connections to the game, according to a press release. Financial details were not disclosed (more here).

• Centre Court Capital Closes Fund At INR 410 Cr. Centre Court Capital, an India-focused venture fund focused on sports, wellness, and gaming, successfully closed its debut fund at ₹410 crore (about $50 million). Backers of the fund include institutional investors, athletes, and family offices, such as SIDBI, SRI, Premji Invest, SanRaj Group, GMR Sports, Neeraj Chopra, Rishabh Pant, PV Sindhu, Jemimah Rodrigues, Binny Bansal, Mithun Sacheti, and Ankit Nagori. The fund plans to make 15-18 investments with this fund (more here).

• 32 Equity Invests $32M Into Professional Flag Football. All 32 NFL owners have voted to approve 32 Equity, the corporate venture capital arm of the NFL, to invest in and finance the development of and launch a new professional flag football league. The NFL did not specify when the league will launch or provide other details, but Commissioner Roger Goodell has previously stated that he believes there is a commitment to create the new league “in the next couple of years.” Flag football is one of the fastest-growing sports globally (more here).

• GameAbove Sports Invests In PLATFORM Golf. GameAbove Sports, a privately held global investment company focused on sports, entertainment, and giving, has announced a strategic investment in PLATFORM Golf, a technology company developing a standardized and validated performance ecosystem for competitive off-course golf. PLATFORM Golf will gain access to GameAbove Sports’ extended network of golf courses, university partners such as Eastern Michigan University, and international travel partners, including Golf Travelle. Financial details were not disclosed (more here).

• Orreco & Sportradar Announce Partnership. Orreco, a global leader in bio-analytics and performance for elite athletes, announced a partnership with Sportradar, one of the world’s leading sports technology and data companies, and the exclusive data partner of the NBA, to leverage real-time, deep player tracking and event data. With this partnership, Orreco becomes the first athlete performance analytics firm to contract with Sportradar for the use of real-time NBA tracking data, helping teams optimize player workloads, maximize availability, and sustain peak performance. (more here).

• WSC Sports & Swiss Ice Hockey Announce Partnership. The Swiss National League ice hockey league has announced a new six-year partnership with AI-powered video content provider WSC Sports. The deal will provide the league and all 14 participating clubs with full access to WSC Sports’ suite of automation solutions. Through the partnership, the National League will also use WSC Sports technology to automatically generate and distribute real-time highlights and digital content across social media, websites, and partner channels (more here).

• LA Kings & Twilio Announce Partnership. The LA Kings announced a multi-year partnership with Twilio$TWLO ( ▲ 0.54% ), a customer engagement technology company, to become their official away helmet partner, placing Twilio’s logo on all Kings’ away helmets from the 2025–26 season and integrating its customer engagement technology to enhance fan communications. This is Twilio’s first major alliance with a North American professional sports team (more here).

• APEX Capital Launches Growth Fund. APEX Capital, a sports-focused investment firm backed by world-class athletes, announces the launch of a high-growth fund with plans to raise €300 million (about $350 million). APEX, which is based in Lisbon, Portugal, intends to use the new capital to acquire minority stakes ranging from 20% to 49% in teams, leagues, and other sports assets. Over the life of the 10-year fund, they expect to fund 10 to 20 deals, with ticket sizes falling between $15 million and $50 million (more here).

• Omri Casspi Raises $100M Opportunity Fund. Former NBA player turned venture capitalist Omri Casspi is expanding Swish Ventures with a $100 million Opportunity Fund, bringing the firm’s assets under management to $300 million. The new fund will allow Swish to double down on its highest-performing portfolio companies as they scale globally. Swish’s portfolio companies include Cognition, EON, Upwind, Irregular, Applied Compute, and Tenzai. Since its launch, the firm’s seed portfolio has generated over $20 billion in enterprise value, with four companies reaching unicorn status (more here).

• Stephon Castle Invests In CT Sports Group. San Antonio Spurs guard and former UConn star Stephon Castle has invested in Connecticut Sports Group (CTSG). Connecticut Sports Group (CTSG) is the ownership group behind both CT United FC, the state’s men’s pro soccer club taking the pitch in MLS NEXT Pro in 2026, and Connecticut’s future professional women’s team, which will join WPSL Pro in 2028. Castle joins the group alongside existing owners such as the Swanston family (more here).

• Mookie Betts Invests In Home Run Dugout. Los Angeles Dodgers shortstop Mookie Betts has invested in Home Run Dugout, a high-tech indoor baseball venue, and will serve as brand ambassador and chair of its Athlete Advisory Board. Home Run Dugout has signed letters of intent to develop retail locations in Atlanta’s The Battery and San Antonio’s The Rim. The company also raised a $22.5 million Series A round in 2024. Financial details were not disclosed (more here).

• Caleb Williams Makes Mark As An Investor. Last year, Caleb Williams founded 888 Midas alongside John Terzian and Ross Walker. Also part of the team are Sherif Guirgis, their senior private equity executive focused on the consumer sector, and Lew Wolff, who has a track record of investing in and acquiring major sports ventures. 888 Midas has been assembling what it calls a “next-generation portfolio at the intersection of sports, health, and technology,” with investment positions in well-known brands such as Athletic Brewing, Function Health, Goop Kitchen, and Boston Legacy FC. Forbes has (more here).

• Virat Kohli Sells One8 Brand. Indian cricket star Virat Kohli has agreed to sell his sports and lifestyle brand One8 to footwear and apparel company Agilitas Sports. Along with the sale, Kohli will invest INR 40 crore (over $4.4 million) in the company. Following the transaction, he will join Agilitas as an investor and co-founder of One8 under its new structure. The company did not disclose the size of the stake linked to this investment. In June, Kohli acquired a 1.49% stake in Agilitas Sports (more here).

This week’s guest on the Vetted Sports podcast is Connor Lim.

Connor Lim is the Founder & CEO of International Dance League (IDL).

The IDL is a first-of-its-kind professional dance sports league. Think F1 meets America's Best Dance Crew.

The league transforms elite dance into a high-stakes, team-based competition, featuring city-based franchises, world-class talent, and a season-long format.

In this episode, we discuss:
‣ How Connor came up with the idea for IDL
‣ His long-term vision and the structure of the league
‣ The challenges of commercializing dance and building a new league

Check out the full episode here: Apple | Spotify | YouTube