College football? It’s about to get way more interesting. We’re talking less about touchdowns and more about boardrooms. Private equity firms are starting to take a serious interest in college football, and trust me, this is a game-changer. We’ve always known it’s a mix of sports and business, but now the business side is about to turn up the heat. So, what’s really going on behind the curtain?

Well, according to, private equity could be the next big thing in college football. Mark Lassry, former owner of the Milwaukee Bucks, spilled the beans about actively working on proposals to acquire several college football programs. Pompliano says that, while the exact details are still fuzzy, “what we would do is buy 51% of the team,” with the first step possibly being a minority stake. It’s a wild idea, but one that could shake up the entire industry.

With NIL deals and schools throwing crazy amounts of cash into facilities, some of the top college programs have become massive financial players. Pompliano points out that these schools “would likely be valued at over a billion dollars if they were to hit the open market.”

As the game gets more commercialized and the money continues to roll in, the future of college football is changing fast. The idea of private equity taking a stake in these teams could mean a whole new era for the sport, blending big business with the game we love. Florida State, in particular, is already talking about bringing in private equity investors, making them a prime candidate for the big leagues.

FSU’s power play or money play?

Back in the first half of 2023, Florida State University (FSU) was low-key in talks with private equity firms like Sixth Street and Arctos Partners. Looking to score some big-time funding for its athletic department. These moves were part of a bigger plan with JPMorgan Chase to explore new investment opportunities. Something that hasn’t really been done in college sports before. With a $30 million gap between FSU’s income and that of other top schools, the Seminoles are trying to stay at the top, but getting out of the ACC would cost them a whopping $572 million.

The whole thing was dubbed “Project Osceola,” named after the Seminole leader and FSU’s mascot. The idea was to create a “NewCo” that would handle FSU’s commercial rights, which could then bring in outside capital. This kind of setup isn’t new to private equity. It’s been done before with teams like the New Zealand All Blacks and La Liga, Spain’s top soccer league.

This trend of private equity firms eyeing college sports is growing. And FSU is trying to get ahead of the curve. By bringing in this outside capital, the school is hoping to close that gap and modernize its operations. Keep its spot among college sports’ elite. But, right now, all we can do is sit tight for what is coming.