On December 9, 2025, the University of Utah, in what appears to be the first such deal of its kind, announced plans to partner with Otro Capital in a private equity arrangement. The deal is projected to generate approximately $500 million in capital for the university’s athletic programs.[i] Otro Capital is a New York-based firm that invests in sports teams and leagues.[ii]

Under NCAA rules, the university must retain decision-making authority over Utah Brands & Entertainment LLC, the entity created to participate in the partnership with Otro Capital. Utah’s president, Taylor Randall, and athletic director, Mark Harlan, will continue to make major decisions impacting the athletic department at Utah. Meanwhile, Otro Capital will receive a percentage of Utah Brands & Entertainment’s revenues while serving as a strategic partner for the university. The university also retains the right to purchase Otro Capital’s ownership stake in Utah Brands & Entertainment at any time. Certain athletic department responsibilities will be managed by the newly formed company.

Reports this fall indicated that the Big Ten has been exploring a $2 billion private equity deal for the power conference that would include an extension on the conference’s grant of rights.[iii] The structure reportedly under consideration for the Big Ten resembles what has been outlined for Utah: the university (or conference) would continue to oversee core personnel and operational decisions, while the private equity-backed entity would focus on business development and share in revenues.

At Utah, Utah Brands & Entertainment is expected to oversee functions such as corporate sponsorships, ticketing, trademarks, and licensing. Randall and Harlan were adamant that the university will retain control over all administrative matters for its athletic departments. A majority of the new entity’s board members will be appointed by the university, and the athletic director will serve as the chair of the board.

Although private equity has been circling college sports for months, Utah is the first university or conference to finalize such a deal.[iv] While several other universities already operate private, revenue-generating entities outside their athletic departments, those entities do not involve private equity partnerships.[v]

[i] https://www.cbssports.com/college-football/news/utah-college-athetics-football-basketball-private-equity/

[ii] https://otrocapital.com/portfolio/

[iii] https://bleacherreport.com/articles/25255101-big-ten-reportedly-discussing-2b-private-capital-deal-nothing-imminenthing ‘Imminent’

[iv] https://www.espn.com/college-football/story/_/id/47263084/utah-aims-boost-athletic-revenue-private-equity-deal

[v] https://www.sportsbusinessjournal.com/Articles/2025/12/09/report-univ-of-utah-nears-college-sports-first-private-equity-deal/