Senator cautions Big Ten presidents about private capital, urges transparency

Sen. Maria Cantwell (D-Wash.) sent a letter to every Big Ten university president Friday morning, stressing her concerns and urging caution as the conference considers a multibillion-dollar private capital deal.

The Big Ten is considering a private capital investment that could bring in upward of $2 billion, The Athletic confirmed last week, a deal that would likely include sponsorship and branding rights, with the money to be distributed among the 18 Big Ten members and the conference office. A new entity for those rights called Big Ten Enterprises would be created.

Cantwell, the ranking member of the Senate Committee on Commerce, Science and Transportation, wrote in her letter to Big Ten presidents that such a deal “may be counter to your university’s academic goals, may require the sale of university assets to a private investor, and may affect the tax-exempt purpose of those assets.”

Big Ten commissioner Tony Petitti addressed the conference’s exploration of private capital at Big Ten men’s basketball media days on Thursday, describing it as a potential “strategic investment.”

“With the (House v. NCAA) settlement and revenue share, the obligation in the conference office is to make sure we’re resourced properly. … Setting up a structure that can maximize that activity is important,” Petitti said. “Whether or not we need strategic investment to help us, we’ll determine. It will be done by all 18 leaders. … Just one other avenue that may or may not be available to us.”

In her letter on Friday, Cantwell questioned the transparency and “long-term consequences of the deal,” writing that she has heard from regents and trustees of Big Ten institutions that “have not been fully briefed on the deal under consideration.”

Cantwell also questioned whether the revenue the Big Ten receives from its media rights deals, which is currently tax-exempt, could ultimately lose that status if a private investor purchases a stake in those revenues.

“As the leader entrusted with the long-term prosperity of your institution, you should require a full and transparent description of this potential deal, including the payout to private investors and conference administrators,” Cantwell wrote. “Remember, the conference reports to you.”

The Big Ten did not immediately respond to a request for comment on Cantwell’s letter.

Big Ten school administrators have grappled with how they could incorporate private equity investments, especially the league’s 16 public institutions. This summer, Ohio State athletic director Ross Bjork said both his school and the league “have an obligation to explore every opportunity, no matter what that is.” But, Bjork said, when it comes to private equity, that’s when questions arise.

“When it comes to that term private equity, what does it mean?” Bjork said. “Is it a loan? Is it truly an investment into your enterprise or your university?

“As a public university, it is really hard to have a private investor. It may be impossible, right? Because you’re truly a public entity. We’re owned by the state of Ohio. So there’s lots of complications in terms of the infusion of this money.”

Cantwell has been heavily involved in college athletics of late, including public opposition to the SCORE Act, a bipartisan bill originating in the House of Representatives that would codify terms of the House v. NCAA settlement. The bill has support from the power conference commissioners.

The senator introduced the SAFE Act last week, an alternative of sorts to the SCORE Act that includes amending the Sports Broadcasting Act to allow schools and conferences to pool media rights. The SCORE Act would also prevent college athletes from being deemed employees; the SAFE Act would not.

— The Athletic’s Scott Dochterman contributed reporting.

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