The equity firm managed by USF Board of Trustees Chair Will Weatherford is connected to advanced negotiations expected to infuse up to $500 million in capital to the Big 12 Conference.
The partnership with Collegiate Athletic Solutions, a platform co‑founded by Tampa‑based Weatherford Capital, would give member schools access to roughly $30 million each while supporting league-wide business operations.
Conference officials emphasized the arrangement would be structured as an opt‑in capital relationship and not involve equity or ownership stakes.
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The advanced progress of the negotiations was first reported by Yahoo Sports.
The discussions reflect seismic shifts in college athletics brought on by recent legal and regulatory changes, including June’s approval of the House v. NCAA settlement and the widespread adoption of name, image and likeness (NIL) revenue. While the settlement affected only Power 4 conferences, it created a framework that allowed all NCAA Division I schools to compensate student-athletes up to $20.5 million next year.
Hence, athletic departments face growing budget pressures, and conferences and schools are exploring new ways to secure capital without giving up control of their programs.
USF board approves $22.5 million loan
In response to the changing landscape, the USF Board of Trustees on Thursday approved an internal loan of up to $22.5 million to the school’s Athletics Department, following a vote this fall to increase revenue‑sharing payments with student-athletes by $16 million.
The loan, which will help with revenue sharing, will be funded through investment gains and not student fees. Weatherford has framed it as necessary for USF to adapt to the evolving economic model in college sports.
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USF is a member of the American Conference, which is not among the power leagues. However, most of the American schools have agreed to provide athletes a minimum of $10 million across the next three academic years. USF officials said the school planned to "max out" to the $20.5 million annual limit allowed by the settlement.
In response to the loan approval, USF CEO of Athletics Rob Higgins posted a meme on X with the words: “All gas no breaks baby,” a department mantra voiced by Higgins since his hiring in November.
USF’s investment in athletics – specifically football – is represented by the construction of a $407 million on-campus stadium and the recent hiring of Ohio State University assistant Brian Hartline as head football coach.
Utah deal is first of its kind
Weatherford is the managing partner in Weatherford Capital, which he co-founded with his brothers Drew and Sam. He is also former speaker of the Florida House of Representatives. Drew Weatherford is a trustee at Florida State University and a former quarterback for the Seminoles. Will and Drew Weatherford are also minority investors in the Tampa Bay Rays' new ownership group.
Weatherford Capital formed CAS in May 2024 in partnership with New York investment firm Redbird Capital to help universities access funding and strategic guidance. RedBird manages roughly $12 billion in global assets with a footprint in sports and entertainment.
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According to Yahoo Sports, Big 12 officials described the potential arrangement as a “multifaceted strategic business partnership” to expand commercial and business opportunities while giving member schools the option to tap into significant capital lines of credit.
The talks come on the heels of another major financial development within the Big 12: the University of Utah approved a private equity partnership with Otro Capital that could generate more than $500 million for the Utes athletics program.
That deal — the first of its kind in college sports — involves Otro taking a minority stake in a new for‑profit entity while Utah retains majority ownership and operational control. New York-based Otro was founded by former RedBird executives.
Big 12 officials stressed that member schools will not be required to participate in the CAS agreement. But as capital solutions proliferate in the NIL and post‑House settlement landscape, more partnerships of this nature may be on the horizon.
