An investment group that was prepared to pay the Big Ten $2.4 billion for a 10 percent share of the conference’s media and sponsorship rights has put the deal on hold due to the continued public opposition from two schools, Michigan and USC.
UC Investments, which manages more than $200 billion in assets held by the California universities’ endowment and pension funds, issued a statement Monday saying it “requires some additional time to complete our due diligence” because of “recent developments.”
Under the proposed deal, UCI would have held a 10 percent stake in a new holding company, Big Ten Enterprises, contingent on the schools extending their current Grant of Rights by 10 years, through 2046.
“We remain convinced that the unity of the 18 Big Ten university members is key to the success of Big Ten Enterprises,” said Jagdeep Singh Bachher, CIO of UC Investments.
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