Big 12 Presidents Approve Deal With RedBird Capital Partners
“We’ve got a strong bench now,” Brett Yormark told FOS about the deal.
Last week, the Big 12 board—consisting of all 16 university presidents and chancellors—voted to approve a five-year business partnership between the conference and RedBird Capital Partners, Front Office Sports has learned. The goal of the deal, which was first reported in December, has three components. First, the two will work together on commercial development to source extra revenue for the conference.
Second, the conference will receive a $12. 5 million capital infusion to aid with revenue generation—this would also allow the Big 12 as a conference to become an investor in other companies to earn revenue. Third, schools will have access to up to $30 million.
Private investment firm Weatherford Capital is also an investor in the deal. Moelis & Co. assisted with brokering the deal.
Moelis & Co. assisted with brokering the deal. “I do believe in times of uncertainty you want to have a strong bench behind you,” Brett Yormark, Big 12 Commissioner, told FOS .