The Big Ten’s proposed $2.4 billion deal with UC Investments has been tabled for now due to opposition from Michigan and USC.
UC Investments, which is affiliated with the University of California’s pension fund, announced Monday in a statement that it would not proceed forward with a deal unless all 18 Big Ten schools agree to it.
“We remain convinced that the unity of the 18 Big Ten university members is key to the success of Big Ten enterprises,” UC Investments chief investment officer Jagdeep Singh Bachher wrote in a statement. “We also recognize that some member universities need more time to assess the benefits of their participation. UC Investments likewise requires some additional time to complete our due diligence as recent developments unfold and we continue to engage with the conference.”
UC investments CIO releases a statement expressing that 18 institutions is best path for a Big Ten private capital deal. This appears to be a pause until all 18 schools are on board. The unity of the 18 Big Ten University members is key to the success of Big Ten Enterprises. pic.twitter.com/AZY3pZmv4p
— Pete Thamel (@PeteThamel) November 17, 2025
The proposed deal between the Big Ten and UC Investments calls for the league to create a new entity, Big Ten Enterprises, which would house the conference’s media rights and sponsorship deals. UC Investments would receive a 10% stake in Big Ten Enterprises in exchange for its $2.4 billion investment. The deal would also extend the Big Ten’s grant of media rights, which is currently set to expire in 2036, through 2046.
Yahoo Sports’ Ross Dellenger reported last week that Big Ten executives were prepared to push forward with a deal even if Michigan and USC continued to oppose the deal. The other 16 schools, including Ohio State, were expected to vote in favor of the deal.
Monday’s announcement came shortly after Jordan Acker, a member of Michigan’s Board of Regents, told SiriusXM Radio that Michigan would consider leaving the Big Ten in 2036 if the conference chose to move forward on the proposed deal without Michigan.
Michigan regent @JordanAckerMI to us on @SXMCollege College Sports Today: "The possibility of independence for football is certainly something that has to be considered. Not today, but at the end of the Grant of Rights (in 2036)." pic.twitter.com/0LPgWoKJL9
— Nicole Auerbach (@NicoleAuerbach) November 17, 2025
USC athletic director Jen Cohen published a letter last week in which she indicated that USC leaders felt the long-term impact of the investment deal would not be worth the short-term infusion of money.
“As we continue to evaluate the merits of this proposal or any others, our University leadership remains aligned in our stance that our fiduciary obligation to the University of Southern California demands we thoroughly evaluate any deals that could impact our long-term value and flexibility, no matter the short-term benefit,” Cohen wrote. “We greatly value our membership in the Big Ten Conference and understand and respect the larger landscape, but we also recognize the power of the USC brand is far-reaching, deeply engaging, and incredibly valuable, and we will always fight first for what's best for USC.”
It’s still possible a deal between the Big Ten and UC Investments could come together at a later date, as Bachher wrote in his statement that UC Investments “will work closely with the Big Ten in the coming months to allow all its members to evaluate the benefits of our potential investment in Big Ten Enterprises.” But it’s now clear a deal will not happen unless Michigan and USC withdraw their opposition to bringing private equity into the conference.
