The Pac-12 hasn’t hired Jerry Maguire but they certainly are channelling their inner Rod Tidwell by asking others to show them the money.
Like, a lot of it.
According to an official investment bid book obtained by Sports Business Journal, the conference is seeking a whopping $750 million from investors as they go full steam ahead on a unique equity sale for the league’s media rights and TV networks. News of the plan first surfaced back in late December courtesy of the Oregonian but a skeptical $500 million figure was thrown around.
The Pac-12 appears to be nearly doubling down instead, seeking three-quarters of a billion in exchange for a stake in a new holding company controlling Pac-12 Networks and the conference’s other media rights.
“I would say that we’re, after today, just beyond exploring. We’re actively moving forward reviewing serious offers for this opportunity. And we heard from Joe Ravitch, co-founder of the Raine Group, today about the work they’ve done in recent weeks to find us potential partners,” Colorado chancellor Philip DiStefano said at the Pac-12 men’s basketball tournament last week, confirming the process. “He told us that there’s significant interest for multiple parties. And we see this as a good sign in the process. And in the next month or two, Joe will be asking for more detailed, formal offers from these various groups. And when and if we reach a deal, as Larry pointed out, this would benefit the conference in a couple of ways.”
Needless to say, the moves are unprecedented in collegiate athletics and designed to help close the revenue gap a bit between the Pac-12 and their peers in the SEC and Big Ten. We’ll see what ultimately becomes of this plan but it’s not often one can own an actual slice of an athletic conference, much less a Power Five one.