Michigan Regents ‘remain opposed’ to Big Ten joining forces with private equity firm

Ann Arbor – Regent Mark Bernstein said at Thursday’s regularly scheduled University of Michigan Board of Regents meeting that the board met earlier in the day and “remain opposed” to a proposed Big Ten private capital deal.

Big Ten commissioner Tony Petitti is pushing a $2.4 billion plan, to which Michigan and USC have been vocally opposed. UC Investments, which oversees the University of California pension fund and is seeking to purchase a 10% stake in the Big Ten for its $2.4 billion investment, announced a pause in negotiations this week because of opposition by Michigan and USC.

“Importantly, we are committed to the Big Ten Conference,” Bernstein said Thursday, “and will continue to explore opportunities that address the pressing financial challenges facing Big Ten athletic departments.”

Petitti has suggested moving forward with or without the blessing of Michigan or Southern Cal, but UC Investments chief investment officer Jagdeep Singh Baccher said Monday his firm wants all 18 universities on board.

The deal would distribute cash infusions to member schools of more than $100 million each on a tier basis at a time when athletic department costs have never been greater, especially now with student athletes sharing in revenues. Schools like Michigan, Ohio State and Penn State are believed to be among the top-tier programs and would receiver a larger chunk of the distribution.

There also would be a new entity formed, Big Ten Enterprises, which would handle all Big Ten media rights and sponsorship deals.

The deal would extend the league’s grant of rights an additional 10 years until 2046.

Any proposed deal with UC Investments must be approved by the Big Ten’s presidents and chancellors, and not university boards, another sticking point for Michigan State trustee Mike Balow, who participated in a call last week with leadership from the American Council of Trustees and Alumni. ACTA blasted the Big Ten’s process in considering this massive investment.

Balow told The Detroit News on Wednesday the process hasn’t felt completely transparent, and said that school boards, not presidents and chancellors, should be the ones deciding whether to move forward with the proposed landmark deal.

Balow’s statement is among the first public comments made by any Michigan State official about the proposed investment deal.

“Speaking as just one MSU trustee, and not for the board as a whole, I appreciate all of the hard work that Commissioner Petitti and his staff have done on this, but it does seem highly appropriate that everyone take a pause, and let’s ensure that the board members of all 18 member schools have a chance to have all of their questions answered fully,” Balow said in the statement. “I myself have questions on the implementation of the deal, most importantly on governance and the projected increases in future conference revenues that are part of this deal.”

This piece was originally published by The Detroit News on November 20, 2025.