The Big 12 is exploring the possibility of selling its naming rights to a corporate sponsor that could drive hundreds of millions of dollars into the conference, sources confirmed to CBS Sports.
The deal would be the first of its kind in collegiate athletics, sparked by the growing need for new revenue streams as the industry prepares to share with players as part of the multi-billion House v. NCAA settlement. Big 12 commissioner Brett Yormark presented the naming rights proposal to conference administrators during a meeting in Dallas in late May.
First reported by Yahoo! Sports, the idea is to drop the “Big” from the conference name and replace it with the corporate sponsor, though the “12” would likely be retained, according to a source familiar with the proposal. Conference USA is also aiming for a multi-million naming-rights sponsorship, according to Yahoo Sports.
The Big 12 is attempting to close its financial gap with the SEC and Big Ten, which will soon dwarf the other Power Four conferences in revenue with their television deals and College Football Playoff payout. The Big 12 is set to earn $12 million per team annually in the new 12-team CFP, ranking fourth among the power conferences; Big Ten and SEC teams are paid roughly $21 million.
The Big 12 is also exploring a private equity investment that could infuse as much as $1 billion in exchange for up to a 20% stake in the league, CBS Sports’ Dennis Dodd first reported Thursday. Luxembourg-based CVC Capital Partners is in discussions with the Big 12, and one source told CBS Sports the talks are “pretty serious.”
Big 12 teams are currently earning $31.7 million each with Fox and ESPN in a media rights deal that ends in 2031. Add in the cash infusion from private equity, and…
Source link : https://www.cbssports.com/college-football/news/big-12-mulls-selling-naming-rights-opening-door-for-conference-to-be-rebranded-with-corporate-sponsor/
Author : Brandon Marcello
Publish date : 2024-06-13 19:41:42
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