Big 12 closing in on capital partner decision

Big 12 presidents and athletic directors met Thursday to review three final bids as the conference closes in on identifying a capital partner, a source told On3. RedBird Capital – whose sports portfolio includes Italian soccer club AC Milan, French soccer team Toulouse and 10% of Fenway Sports Group – is viewed as a leader, a source told On3.

Yahoo! Sports first reported the news. Last June, news broke that the Big 12 was considering a private equity investment with a cash infusion of between $800 million and $1 billion from Luxembourg-based CVC Capital Partners in exchange for a 15-20% stake in the league. The deal was never reached. The Big 12 was also in discussions with Allstate on a naming rights deal that would change the league’s name at a reported cost of $30 to $50 million annually to the insurance giant.

The SEC and Big Ten currently have the two most lucrative conference TV deals in college football. They also are set to earn more dollars when the next College Football Playoff contract with ESPN starts in 2026. Big Ten and SEC institutions will be bringing in more than $21 million. The ACC is set to distribute more than $13 million annually, while Big 12 schools will get over $12 million each.

RedBird and former Florida State quarterback Drew Weatherford of Weatherford Capital previously partnered to create College Athletic Solutions, pooling together billions for a campaign to invest capital in college athletic departments.