The landscape of college sports is shifting fast, and the Big 12 Conference is right in the thick of it. Revenue gaps are widening, and the financial pressure is real.
To tackle this, the Big 12 has teamed up with RedBird Capital Partners and Weatherford Capital. They’re hoping this bold move will help close the gap with giants like the Big Ten and SEC.
They’re trying out new business models and bringing private equity into the mix. The goal? Secure their schools’ futures, plain and simple.
Let’s dig into what this partnership actually looks like, and what it might mean for the Big 12—and maybe for college sports as a whole.
The Genesis of the Big 12’s Private Equity Partnership
When Brett Yormark took over as Big 12 commissioner in August 2022, he faced two big headaches right away. First, the conference was making way less money than its rivals, and second, NIL (Name, Image, Likeness) contracts were putting extra strain on budgets.
The Big 12’s revenue was less than half of the Big Ten’s $928 million. With revenue-sharing looming, something drastic had to change.
Enter RedBird Capital Partners
RedBird Capital Partners, started by Gerry Cardinale back in 2014, has its hands in a lot of pies—sports media, entertainment, finance, you name it. They’ve helped launch the YES Network and On Location for the NFL, so they know their way around sports business.
Honestly, partnering with RedBird seemed like a no-brainer for the Big 12 at this point.
The Structure of the Partnership
The deal between the Big 12, RedBird, and Weatherford Capital runs through a new entity called Collegiate Athletic Solutions (CAS). CAS is split into three main business lines, all aimed at bringing in fresh revenue streams for the conference.
Commercial Sponsorships
The first focus is commercial sponsorships. RedBird’s in-house sales team already landed two big sponsors, pulling in about $100 million in new money.
The headline deal with PayPal is pretty flashy—it includes on-field logos, a co-branded credit card, and even a Venmo system to pay athletes their NIL money.
Direct Investments
The second part is a $12.5 million direct investment from CAS. The idea is to build new businesses that actually make money for the Big 12, kind of like RedBird did with the NFL and Yankees.
They’re looking to use the intellectual property the conference already owns to spin up these ventures.
Private Capital Credit Line
The third—and most debated—piece is a private capital credit line of up to $30 million per school. The catch? Double-digit interest rates.
At least 11 schools have said “no thanks” so far, worried about what this could mean down the road. Can you blame them?
The Financial Landscape of the Big 12
Big 12 athletic departments are under a lot of financial stress. NCAA numbers show that the 16 schools averaged about $131.7 million in operating expenses in 2025.
On average, each school lost around $57.4 million a year. Booster donations and university support help plug the gap, but it’s not enough anymore.
Revenue-Sharing and NIL Contracts
Revenue-sharing with players is a new challenge. Thanks to the House v. NCAA settlement, schools now have to budget for these contracts, which puts even more pressure on the hunt for new income.
The Broader Implications for College Sports
Everyone in college athletics is watching this Big 12–RedBird partnership. If it works, other conferences might follow suit.
Still, there’s a lingering suspicion about private equity swooping in just to make a quick buck. That’s not going away anytime soon.
Educational Process
Gerry Cardinale says the real point is to teach schools how to work with capital. This learning curve is supposed to help schools figure out what kind of financial relationships make sense for them.
Future Media Rights Negotiations
The Big 12’s media rights deal with ESPN and FOX ends in June 2031, right when its agreement with CAS wraps up. By then, the plan is to have a portfolio of conference-run businesses to market alongside the games.
RedBird’s connections in broadcast media and entertainment could come in handy for that. Will it all pan out? Guess we’ll find out in a few years.
Conclusion
The Big 12’s partnership with RedBird Capital Partners and Weatherford Capital is definitely a bold move. It’s an interesting response to the financial pressures in college athletics.
Will this experiment actually close the revenue gap with the other big conferences? Honestly, nobody knows yet.
Still, you have to admit, the Big 12 seems ready to take some risks. They’re not just sitting around waiting for things to change.
If you’re curious and want to dig into the details, check out the full article on CBS Sports.
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