The Big Ten Conference is gauging investment interest from private equity firms despite the league’s previous opposition toward meshing risk capital and college sports, Sportico reported Thursday.

The investment bank Evercore, which was previously retained by the Big Ten, fielded initial offers from private equity firms earlier this week, per the report. A Big Ten spokesperson confirmed Evercore’s inquiries to Sportico but declined to provide additional details.

“To better support its 18 member institutions, the conference is evaluating potential strategic partnerships in order to enhance the conference’s event, sponsorship and other ancillary business endeavors,” the Big Ten spokesperson told Sportico in an email.

Evercore’s inquiries come after Big Ten commissioner Tony Petitti pushed back on welcoming private equity into intercollegiate sports last fall. Southeastern Conference commissioner Greg Sankey took a similar stance when leaders from the two conferences met in October in Nashville. The Big Ten and SEC will reconvene for another summit next month in New Orleans.

No other conferences currently have a private equity deal, although the Big 12 explored that route, CBS Sports reported last June. Things could change in the near future if the House v. NCAA lawsuit is finalized this spring. The groundbreaking settlement would permit schools to share revenue directly with their athletes and distribute about $2.8 billion to former athletes who were not compensated for their name, image and likeness.

The Big Ten generated $880 million in revenue in 2023, the most among all conferences, according to Sportico. That also marked the first year of the Big Ten’s seven-year multimedia rights deal with CBS, Fox and NBC worth $7 billion.

–Field Level Media