University of California Wants to Bet $2.4 Billion on Big 10

(Bloomberg) -- The University of California’s investment arm wants to buy a $2.4 billion stake in a new Big Ten business venture, a move that would make the public university system a part-owner of one of college sports’ most prominent conferences.

The proposed partnership would give UC Investments a 10% share in Big Ten Enterprises, an entity to manage the conference’s media rights and sponsorship deals, according to a UC statement on Friday. The remaining 90% would be divided among the league’s 18 member schools — which include the University of California at Los Angeles — and the conference itself.

“The Big Ten stands apart,” Jagdeep Singh Bachher, the University of California’s chief investment officer, said in a statement. “UC Investments would be proud to support the Big Ten’s enduring legacy and its continued commitment to the success of student-athletes and scholars alike.”

The deal has sparked opposition from two Big Ten members, the University of Michigan and the University of Southern California, according to a report this week in Front Office Sports. UC Investments, which manages more than $200 billion in assets, said its offer requires holding the stake for at least 15 years and that the investment won’t change the Big Ten’s governance structure. 

UC Investments has been in discussion with Big Ten leadership and its member universities to explore a long-term partnership designed to strengthen the conference’s stability, independence, and shared values. 

“As codified in our ten investment pillars, we are “centennial investors,” UC investments said in the statement. “We consider Big Ten Enterprises a 100-year investment.”

Colleges with major athletic programs are under pressure to find new ways to raise revenue, after a landmark federal settlement over student athletes’ name, image and likeness (NIL) rights opened the door for them to be paid by schools.

Schools can pay student athletes by sharing revenue with them, as of July 1. They can cut checks that add as much as $20.5 million each year, for each Division 1 school that opted into the settlement. The amount is equal to about 22% of the average athletic department’s income, and is set to increase each academic year.

UC investments manages a portfolio of investments, which includes retirement, endowment, and cash assets and is currently invested in sports teams and makes long-term direct investments in both public and private companies.

(Updates with investment horizon in sixth paragraph)

More stories like this are available on bloomberg.com

©2025 Bloomberg L.P.