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Key Takeaway:

After decades of minimal federal activity, the Sports Agent Responsibility and Trust Act (SPARTA) is drawing renewed attention. A January 2026 Federal Trade Commission (FTC) inquiry into sports agent practices may signal a meaningful shift in enforcement — particularly in the NIL era.

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]

This week, the College Sports Commission (CSC) released its first NIL Deal Flow Report, providing a snapshot of activity across its NIL Go platform, though the rollout of the data was not without issue. The report captures platform and deal activity from June 11, 2025 — the date the platform launched — through August 31, 2025. The CSC released its initial report on September 4. On September 5, the CSC issued a corrected report, indicating that the misreported results were attributable to errors made by its outside consulting firm.

Recently, the University of Kentucky took an interesting step in the context of collegiate athletics by converting its athletic department into a limited liability company (LLC), named Champions Blue LLC. This structure makes Kentucky the first university in the U.S. to restructure its athletic department in this manner. The move reflects a growing awareness among universities that the traditional model of collegiate sports may no longer be the most financially or legally sustainable model in the face of mounting pressures from name, image, and likeness (NIL) deals, antitrust litigation, and evolving NCAA regulations.