Utah is 7-0 and ranked No. 6, fresh off a 21-13 win over Houston with ESPN’s College GameDay in Salt Lake City. Behind the scenes, the business that sells the tickets, signs the sponsors and runs Rice-Eccles Stadium no longer sits inside the athletic department. It belongs to a for-profit company that a private equity firm partly owns.
As Front Office Sports reported on Oct. 23, Utah is the first school in the country to close a private equity deal built around athletics, and so far it is the only one. Here is what that means, who else is weighing it, and why it matters for athletes. (Disclosure from the source: RedBird IMI, a joint venture that includes RedBird Capital Partners, is Front Office Sports’ primary investor. RedBird is also the Big 12’s PE partner.)
What Utah actually did
Utah moved its commercial operations into a new for-profit company, Crimson Brand Partners (CBP). New York firm Otro Capital bought a minority equity stake and several board seats. The university keeps majority ownership, KSL reported when the deal was finalized on June 12, 2026. Financial terms were not released, and Otro is expected to exit in five to seven years.
| Item | Detail |
|---|---|
| Company | Crimson Brand Partners (for-profit) |
| Investor | Otro Capital (minority equity stake) |
| Announced | June 12, 2026; live with the July 1 fiscal year |
| CEO | Matt Webb, former corporate VP for the New Orleans Saints and Pelicans |
| Board chair | Utah athletic director Mark Harlan |
| Staff | Up to about 70, mostly from the NFL, NBA and MLB |
| Handles | Ticketing, sponsorships, licensing, merchandise, digital media, non-sports stadium and arena events |
| Stays with athletics | Coaching, rosters, scheduling, athlete support, private fundraising |
| First big project | $40 million Rice-Eccles Stadium renovation, approved in October |
The pitch is simple. A pro-style sales team should squeeze more revenue out of the same stadium, logo and fan base. Harlan told FOS it will take years, and that some ideas will work while others won’t.
Where other conferences stand
Most of college sports is still watching from the sideline.
- Big 12: Signed a deal this year with RedBird Capital Partners and Weatherford Capital that offers each of its 16 schools a credit line of up to $30 million. No school has taken it or said it plans to, per FOS.
- Big Ten: Spent last year in talks with UC Investments, the University of California system’s investment arm, about selling an equity stake. The plan would have put $2.4 billion into a new Big Ten Enterprises for a 10% stake, but it stalled after Michigan and USC objected, according to reports. FOS says the deal fell apart.
- ACC: Commissioner Jim Phillips said in May that nothing pitched so far has made sense for the league.
- SEC: Commissioner Greg Sankey said in July 2025 that PE had not been the right direction, while leaving the door open.
- American Conference: Commissioner Tim Pernetti said in July the league is open to PE options.
The case for it
- Cash now. The stadium upgrade is funded without waiting years for donors.
- Pro expertise. Ticketing and sponsorship sales get run by people who did it for pro teams.
- Olympic sports. Webb says the goal is lasting revenue that supports non-revenue programs, per KSL.
- Control stays home. The university keeps majority ownership, and coaching and roster decisions stay with the athletic department.
The case against it
- Investors want a return. Otro’s money comes back with profit when it exits, and that profit comes from Utah’s commercial upside.
- Less transparency. Key terms are not public, which makes it hard for fans and taxpayers to judge the trade.
- Jobs moved. Many athletic department roles were cut and shifted to CBP, though the school said many people could be rehired there.
- Long-term cost. Utah alum and former NBA executive Dave Checketts told FOS in May the school “sold off their future” to pay for facilities.
What it means for athletes and NIL
The deal does not pay players directly. What it does is pressure-test a funding model during the first era of direct pay. Utah spends the maximum allowed under the House settlement, about $21.3 million in revenue sharing in 2026-27. That pool is capped, so every school at the max is competing on the same number. The edge comes from facilities, staff and the NIL money players earn on top.
That is where PE could shift things. If CBP grows sponsorship and media revenue, Utah has more room to spend on everything around the cap. It also means more of the commercial pie sits inside one company. Brand partners who might have paid individual athletes could end up dealing with CBP instead. How much extra NIL money Utah players earn is not public, so the real effect will take a few seasons to show.
For a primer on how the pieces fit, read our guide to how college athletes get paid in 2026 and Utah’s NIL laws.
What to watch next
- Utah plays at Cincinnati on Oct. 31, then hosts BYU on Nov. 7 in one of the biggest Holy War games in years. Utah is one of three unbeaten FBS teams left; see our undefeated teams tracker.
- The Big 12 credit line: schools have a year from the deal to decide.
- Whether another school copies Utah’s structure once CBP posts real numbers.
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FAQ
Did Utah sell its athletic department to private equity?
No. Utah moved its commercial operations (ticketing, sponsorships, licensing, merchandise and events) into a new for-profit company, Crimson Brand Partners. Otro Capital owns a minority stake, and the university keeps majority ownership. Coaching and roster decisions stay with the athletic department.
Who invested in Utah athletics?
New York firm Otro Capital bought a minority equity stake in Crimson Brand Partners and several board seats. Financial terms were not released, and Otro is expected to exit in five to seven years.
Is any other school doing a private equity deal?
As of late October 2026, Utah is the only school to close one. The Big 12 offers each school a credit line of up to $30 million through RedBird Capital Partners and Weatherford Capital, and the Big Ten’s talks with UC Investments stalled.
Does the deal pay Utah athletes?
Not directly. Revenue sharing is capped under the House settlement, but more commercial revenue gives Utah more room to spend on facilities and staff around the cap.
