Sen. Cantwell warns Big Ten on private equity
Sen. Maria Cantwell (D‑Wash.) sent a letter Friday to Big Ten presidents warning that bringing private equity into conference assets could conflict with universities’ academic missions and threaten tax‑exempt status. The Big Ten is evaluating a reported $2 billion investment tied to media rights via a new entity, as Cantwell also promoted her SAFE Act to allow TV‑rights pooling; Commissioner Tony Petitti said any strategic investment would be decided by all 18 member leaders and won’t alter current media deals.
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📌 Key Facts
- Cantwell’s letter warns private equity’s profit motive may conflict with nonprofit academic goals and tax‑exempt status.
- Big Ten is exploring a potential $2 billion private‑equity investment linked to media rights under a new entity.
- Commissioner Tony Petitti said any move would be determined by all 18 schools and respect existing media contracts.
- Cantwell highlighted her SAFE Act proposal to rewrite a 1961 law to permit conferences to pool TV rights.
- Some regents and trustees told Cantwell they were not fully briefed on the contemplated deal.