The head of UC Investments, which is deep in discussions to purchase a minority stake in the Big Ten Conference, said Monday that any finalized deal should include the approval of all 18 schools, including the University of Michigan, arguably the conference’s biggest brand.
Michigan regents have publicly stated their opposition to the proposed $2.4-billion deal. The University of Southern California has stood with Michigan in opposition.
The head of UC Investments, which is deep in discussions to purchase a minority stake in the Big Ten Conference, said Monday that any finalized deal should include the approval of all 18 schools, including the University of Michigan, arguably the conference’s biggest brand.
Michigan regents have publicly stated their opposition to the proposed $2.4-billion deal. The University of Southern California has stood with Michigan in opposition.
Jagdeep Singh Bachher, chief investment officer for UC Investments, said in an open letter Monday that he recognizes some schools need additional time to assess the proposed landmark deal, seemingly signaling a pause in discussions that appeared to pick up serious steam in recent weeks as the Big Ten commissioner has pushed for a deal, with or without Michigan or Southern Cal being on-board.
UC Investments has been in negotiations about investing in the Big Ten since July.
“As we have continued to evaluate this opportunity over the past five months, we remain convinced that the unity of the 18 Big Ten university members is key to the success of Big Ten Enterprises,” Baccher wrote in his letter Monday. “We also recognize that some member universities need more time to assess the benefits of their participation.
“UC Investments likewise requires some additional time to complete our due diligence as recent developments unfold and we continue to engage with the conference.
“UC Investments will work closely with the Big Ten in the coming months to allow all 18 members to evaluate the benefits of our potential investment in Big Ten Enterprises.”
UC Investments has proposed purchasing a 10% stake in the Big Ten, or a new business wing of the conference known as Big Ten Enterprises, for $2.4 billion. Without Michigan’s involvement, that valuation obviously and drastically changes, and significantly lessens the payouts to schools that are in on the deal.
Any deal at the current $2.4 billion proposal would infuse nine-figure paydays to all 18 Big Ten schools, albeit a sliding scale based on what each school’s brand brings to the deal. With all 18 schools on board, Michigan, Ohio State and Penn State are said to be in line for payouts of at least $190 million each; Southern Cal and Oregon at least $155 million; and the other 13 schools, including Michigan State, at least $110 million.
The money would come at a significant time, amid an arms race among athletic departments, with the recent installation of revenue-sharing with student-athletes.
Big Ten commissioner Tony Petitti, who’s been meeting in-person with university boards over the past several months to brief them on the details of the proposed deal, including a meeting with Michigan State trustees in August, is pushing for the investment, which needs approval from school presidents and chancellors, but not the boards.
That’s believed to be a big sticking point for some schools, where boards are the guardians of all dollars that are spent, no matter how big or small.
Michael Poliakoff, president of the American Council of Trustees and Alumni, wrote in an open letter to all Big Ten boards last week, urging them to take a stand against the process.
“A university’s board exists to serve as the ultimate guardian of its mission, integrity and assets,” Poliakoff wrote. “Their stewardship includes oversight and final authority over all material university decisions and resources, including those related to intercollegiate athletics.
“Effectively selling or transferring an athletic department’s most valuable rights ― its media, branding, or commercial assets ― is unquestionably a material institutional decision requiring board oversight.
“As stewards of these great institutions, trustees and regents must not permit others to act on their behalf without clear authorization.
“The process must change so that the boards, and only the boards, hold final authority over this matter.”
The ACTA held a call Friday on which trustees and regents from many Big Ten schools participated, and several spoke, including Jay Paterno from Penn State and Sarah Hubbard from Michigan. Michigan State’s Board of Trustees was represented on that call, as well.
UC Investments, which manages the Cal pension fund and has nearly $200 billion in investments, has said it’s deal with the Big Ten would be for at least 15 years, with plans to remain invested for at least 100 years. Big Ten schools would remain the sole decision-makers, including on the biggest issues, like the multi-billion-dollar television-rights deal that’s set to expire at the end of the decade.
Multiple Michigan regents have spoken out publicly against the deal, some likening it to a “payday loan.” Michigan State president Kevin Guskiewicz didn’t return a message for comment, sent through a school spokesperson, on Monday, nor did MSU board chair Kelly Tebay. Guskiewicz is on board with the investment, at a time the Michigan State athletic department is more than $100 million in debt and borrowing to make rev-share payments.
As part of the proposed deal with UC Investments, there would also be a 10-year extension of the grant of rights, essentially keeping all current Big Ten members together through at least 2046 ― amid speculation that college athletics could be eyeing a move toward so-called “super conferences.”
Michigan regent Jordan Acker slammed the investment proposal on Sirius XM on Monday.
“It just doesn’t make any sense for the richest conference to sell a piece of stuff like this,” Acker said on Sirius XM on Monday, according to a transcript of the interview. “It doesn’t make any sense for the University of Michigan, which is engaged in incredible fiscal responsibility, to mortgage (what) could be an unbelievable amount of revenue in the future, and bring private equity in the door.”
This piece was originally published by The Detroit News on November 17, 2025.
The American Council of Trustees and Alumni (ACTA) is urging governing boards at Big Ten universities to halt a proposed $2.4 billion private equity deal between the Big Ten Conference and UC Investments, the investment branch of the University of California system. In its letter, ACTA—an advocate for “trustee-led” university governance—raised concerns about transparency and oversight, […]
Penn State is again faced with a decision that could have a wide-ranging impact on the future of the university and the Big Ten — and, once again, officials are being criticized for their lack of transparency and shared governance. The conference is basically looking at selling 10% of its TV rights and sponsorships to […]
University board members from schools across the country are mounting an opposition campaign to regain control over who at their schools has the authority to sign onto the Big Ten’s $2.4 billion investment proposal. Several school board members across multiple Big Ten schools have not been given access to key details about the conference’s investment […]
The American Council of Trustees and Alumni (ACTA) is urging governing boards at Big Ten universities to halt a proposed $2.4 billion private equity deal between the Big Ten Conference and UC Investments, the investment branch of the University of California system. In its letter, ACTA—an advocate for “trustee-led” university governance—raised concerns about transparency and oversight, […]
Penn State is again faced with a decision that could have a wide-ranging impact on the future of the university and the Big Ten — and, once again, officials are being criticized for their lack of transparency and shared governance. The conference is basically looking at selling 10% of its TV rights and sponsorships to […]
University board members from schools across the country are mounting an opposition campaign to regain control over who at their schools has the authority to sign onto the Big Ten’s $2.4 billion investment proposal. Several school board members across multiple Big Ten schools have not been given access to key details about the conference’s investment […]
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