The University of Michigan’s board of regents continue to remain in lockstep when it comes to the Big Ten’s $2.4 billion capital investment proposal.
During a previously scheduled meeting Thursday in Ann Arbor, chair Mark Bernstein read a prepared statement on behalf of the eight-member board, reiterating the group’s opposition to the deal on the table from UC Investments, the public pension fund for the University of California school system. In exchange for an immediate cash infusion, tiered amounts exceeding $100 million per school, UC Investments would receive a 10 percent stake in the conference for 20 years.
“The University of Michigan board of regents met today to discuss the current Big Ten Enterprises proposal,” Bernstein said. “We remain opposed to this deal. Importantly, we remain committed to the Big Ten Conference and will continue to explore opportunities that address the pressing financial challenges facing Big Ten athletic departments.”
The statement, slipped in after the board’s regular agenda, is the latest power play by a school board concerned about selling off a piece of the league and school’s rights and losing out on future revenue.
It also helps soften some of the rhetoric thrown around in recent days, notably from regent Jordan Acker, who in a SiriusXM interview suggested that Michigan could look to leave the Big Ten once the conference’s grant of rights expires in 2036.
Acker has been outspoken in his criticism of the proposal in recent weeks, while Bernstein likened the up-front cash infusion to “a payday loan.”
Hours after Acker issued the threat on Monday, UC Investments appeared to put a pause on the conversation, issuing a statement that called “the unity of the 18 Big Ten university members … key to the success of Big Ten Enterprises.” In other words, without the support from all 18 schools, UC Investments is having second thoughts.
Notably, USC’s board of trustees has reportedly joined Michigan in opposition of the investment proposal, though the group has been less vocal publicly. Interim Michigan president Domenico Grasso and athletic director Warde Manuel have not commented publicly on the issue, with school presidents and athletic directors believed to have a final say on the matter.
A vote has not yet taken place on the proposal, and it remains unclear whether one will be taken.
For now, though, Michigan’s board of regents have drawn a line in the sand: They still want nothing to do with this deal.
If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement and agree that your clicks, interactions, and personal information may be collected, recorded, and/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.