The Big 12 is exploring selling its naming rights to a title sponsor, with potential revenues of hundreds of millions of dollars over the course of the deal, sources told ESPN on Thursday.
The commercial sponsor would potentially remove the “Big” name from the Big 12 and replace it with the sponsor's name. It could end up as one of the largest commercial deals in the history of college athletics, not including media rights.
The conference, which has explored this option for the past six months, has had in-depth discussions and a decision is expected in the coming months, sources told ESPN. A deal could mean millions of dollars annually for conference member schools.
The Big 12 distributed nearly $470 million to its member schools in general distribution last year, and that number is projected to be higher once its new media deal comes to fruition in 2025-26. That's expected to be tens of millions of dollars less per school per year than those in the Big Ten and SEC, prompting the league to find new revenue streams.
The Big 12 has also been in talks with private equity firm CVC Capital Partners for a stake in the league of between 15% and 20%, sources confirmed to ESPN. That could give the Big 12 a cash infusion of up to $1 billion and would be the first known large-scale private equity investment in college sports.
Sources, however, cautioned that the private equity articles include some skeptics, especially among presidents. Still, there is a clear desire to grow revenue across the Big 12 in the near future.
“Every trade opportunity the commissioner brings is a way to close the financial gap between the Big 12 and the SEC,” a Big 12 source told ESPN. “The Big 12's number one priority is staying competitive, and these opportunities potentially help.”
CBS first reported the talks between CVC Capital Partners and the Big 12.
The Big 12 will have a new look amid the changing college landscape in 2024. Gone are conference stalwarts Texas and Oklahoma (to the SEC), and a new 16-member lineup will include Arizona, Arizona State, Colorado and Utah that They will join last year's 12. returning members.
