Florida State’s athletic department is looking to raise money and is working with JPMorgan Chase to try to find investors, Sportico reported Friday.

The report didn’t specify how Florida State would use the funds, but it could be to pay a $120 million exit fee from the Atlantic Coast Conference.

The university president and athletic director said earlier this week that they are worried Florida State isn’t in the financial position that it should be because of its conference affiliation and could leave the ACC.

Per Sportico, Chase is exploring raising money from institutional funds, such as private equity. While pro sports have tapped into institutional money, Florida State would be the first college athletic department to go that route.

Pro sports, in general, partner with private investors and repay them through media and sponsorship revenues.

Sportico said private equity firm Sixth Street is in “advanced talks to lead a possible investment.”

“I believe that FSU will have to, at some point, consider very seriously leaving the ACC unless there were a radical change to the revenue distribution,” FSU president Richard McCullough said earlier this week, adding it brings in $30 million less than schools in conferences such as the Southeastern Conference and Big Ten.

Florida State is on the clock if it wants to leave the ACC in time for the 2024-25 school year. It must notify the conference of that decision by Aug. 15.

–Field Level Media