The Big 12 is on the verge of a groundbreaking financial move that could reshape how college conferences fund their futures. The league is currently negotiating a strategic business partnership with RedBird Capital and Weatherford Capital - a deal that, if finalized, would provide Big 12 schools access to up to $500 million in capital, or roughly $30 million per school.
Here’s the key: this isn’t a private equity takeover. There’s no equity stake involved, and schools aren’t required to participate.
Instead, it’s being framed as an “opt-in capital solution” - essentially a line of credit that individual member schools can tap into based on their needs. Think of it as a flexible financial tool designed to give athletic departments more breathing room in an era where costs are rising fast and new revenue models are still taking shape.
The conference confirmed that talks are ongoing, with the aim of building a “multifaceted strategic business partnership” that would focus on expanding the Big 12’s commercial and business operations. While the deal isn’t finalized, the potential implications are significant - both for how the league operates at the conference-office level and how its 16 member schools navigate the increasingly complex financial landscape of college athletics.
This move comes at a pivotal time. The Big 12 is entering the first year of its new media rights deal with ESPN and Fox - a contract that runs through 2030-31 and was negotiated before the league expanded to 16 schools. All 16 programs will receive full revenue shares starting this academic year, but even with that boost, the Big 12 still trails the Big Ten and SEC in annual payouts, largely due to the difference in TV revenue.
That financial gap has pushed the Big 12 to explore creative funding options. Commissioner Brett Yormark has been transparent about the league’s willingness to think outside the box.
Earlier this year, he said the conference wasn’t quite ready to dive into a full-blown private equity arrangement. This partnership with RedBird and Weatherford offers a different path - one that doesn’t require giving up ownership or control, but still provides access to capital when schools need it most.
And that need is real. Athletic departments across the country are feeling the pressure of increased expenses, especially with the looming costs tied to the House settlement, which could see schools paying up to $20.5 million in direct revenue sharing starting in year one.
For some programs, that’s a massive budget hit. Having a financial cushion - or at least the option to access one - could be a game-changer.
It’s also worth noting that this partnership wouldn’t interfere with individual schools pursuing their own deals. Utah, for example, just approved a separate private equity arrangement with Otro Capital - a first-of-its-kind deal that creates a for-profit entity to fund Utes athletics. That venture, which includes a nine-figure investment and an ownership stake for Otro, operates independently from the Big 12’s broader negotiations.
RedBird and Weatherford bring serious sports business credentials to the table. RedBird has a global footprint, with investments across international soccer, Formula One, and even college basketball - they’re one of the financial backers behind the Players Era Festival, the in-season Vegas tournament that pays NIL dollars to participating teams.
Weatherford, meanwhile, has deep roots in Florida and Texas, and their portfolio includes IMG Academy, the elite prep school and training facility. Their leadership includes Drew Weatherford, a former Florida State quarterback, and Will Weatherford, who’s been a driving force behind South Florida’s ambitious athletics buildout - including a new on-campus stadium set to open in 2027.
Beyond the immediate financial injection, the Big 12 says RedBird will also help the league identify “complementary investment opportunities” both inside and outside college sports. Translation: this isn’t just about plugging budget holes - it’s about building new revenue streams that could help the conference thrive long-term.
In a college sports world that’s changing by the day, the Big 12 is trying to stay ahead of the curve. This deal - if it comes together - could be a major step in that direction.