Private equity continues to pour billions into sports, but one particular area has been conspicuously absent from the gold rush: college sports.
In recent years, private equity firms have aggressively bought up stakes in entire leagues, pro teams, concessionaires, media entities, and apparel brands, building up expansive portfolios, while college sports have been largely left out of the mix.Already, Florida State has reportedly engaged with private equity giant Sixth Street on a potential investment in the school’s athletic department, with JPMorgan Chase helping the school on a broader effort to bring in institutional investors.
Driving factors Traditionally, private equity firms have been met with significant impediments to any heavy involvement in college sports. With the revenue gaps between college sports’ haves and have-nots only growing, the search for alternative sources of capital can only widen. The practice is now common in Europe and elsewhere as an increasing number of pro teams turn to private equity to help solve their competitive and revenue problems. La Liga giant Barcelona has sold pieces of its operation, including some of its media business, to outside investors, and is even taking the next step by working with private partners to list parts of the business on public markets.
“In Europe, where we’ve seen a lot of this, there are rights that are available,” said Chris Russo, CEO of sports advisory firm Fifth Generation Sports and a former managing director with investment bank Houlihan Lokey. “But in college sports, these rights are not as widely available.”
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