RedBird Capital Partners and Weatherford Capital have announced the formation of Collegiate Athletic Solutions, a new investment platform aimed at supporting college athletic departments. This initiative, led by former Florida State University quarterback Drew Weatherford and RedBird Capital founder Gerry Cardinale, aims to invest between $50 to $200 million in 5-10 athletic departments. The move comes as many Power conference schools seek new revenue sources for revenue sharing. The project has received clearance from Florida State University, where Weatherford serves as a trustee. The initiative is part of a broader trend of private equity entering the college sports sector, which has raised concerns among some observers about the implications for amateurism and the traditional college sports model. The project is based in Tampa and involves structured financing arrangements.
More on private equity in college sports. Private equity sees college sports as undervalued. https://t.co/Lt3ahHva59
Private equity looks to cash in on college sports, as universities face funding challenges https://t.co/ktmEYC4Rua
Private equity lands in the NCAA with a new firm that tackles "athletic departments' need for near-term capital." https://t.co/OzsjJU0GOk
In the NFL's case, there is a cogent argument for private equity. Team values are a rocket ship, and America is running out of rich dudes who can just reach into their pocket and pay for a team. In college football's case, the argument is "we are bad at our jobs and lack ideas" https://t.co/30V51yFbTY
Private Equity looking at football across levels right now https://t.co/TmKEyvZKSq https://t.co/1zmVNuCCw5
NEWS: NFL owners have established a framework for allowing private equity to invest in teams, and that framework will lead further discussions around the final policy in coming months. The "framework" was discussed and submitted to league office, but no formal vote was taken.
People concerned about NIL should really be concerned about this. Private equity getting into college sports is a scary thought. https://t.co/BjNu3pN9F9
Private equity and college sports…amateurism? Please. https://t.co/dPgbcORbve
Two private equity firms, one led by a former Florida State quarterback, are forming a joint venture to offer "private capital" to college athletics departments. https://t.co/jv5fW1O6TH
the actual details in this are sparse and vague (and contradictory), but it sounds like not so much private equity (they can’t own equity in a university’s athletic department) but some sort of structured financing arrangement with revenue sharing. https://t.co/unaBNv5qH6
I usually hate saying the same thing over and over but for this it’s worth it. Private Equity has zero business in college sports. Whatever boogeymen you think the portal and NIL are for it, PE actually is. We shouldn’t be fluffing or entertaining it whatsoever. https://t.co/MLQ2kUodgf
College sports' private equity push has a launching base in Tampa: a firm led in part by former #FSU QB (and current trustee Drew Weatherford and #USF board of trustees chairperson Will Weatherford. https://t.co/hge0Ysibel
Ready for private capital in college athletics? Former Florida State quarterback Drew Weatherford has partnered with RedBird Capital to form Collegiate Athletic Solutions, “a purpose-driven, dedicated capital and business-building platform for university athletic departments.” https://t.co/DgHgSrk4C9
Private equity firms RedBird Capital and Weatherford Capital have formed Collegiate Athletic Solutions. According to the @WSJ, the project is looking to invest $50 to $200 million in 5-10 athletic departments. More: https://t.co/HBNtzmPIRa https://t.co/L8s25gNal5
As private equity continues to circle around college sports, RedBird Capital and former FSU QB Drew Weatherford’s group announce they’re creating a platform for athletic departments, looking to make investments. https://t.co/g8pcabvvKN
NEWS: RedBird Capital Partners and Weatherford Capital are announcing an investment program for athletic departments. This comes at a time when many Power conference schools will be looking to raise money for revenue sharing. Private equity in college sports has arrived. https://t.co/W548EL9wOi
NEWS: @FloridaState trustee Drew Weatherford and @RedBirdCap founder Gerry Cardinale are partnering on a college sports-specific investment fund. A Weatherford spox says he has cleared this with FSU. More from @novy_williams & me: https://t.co/5YFWKUgXR3
Private equity is coming for the NFL https://t.co/1QkPdUdd11