[Spiny_Norman]

I understand buying advertising rights, but buying the whole Athletic Department?  Moving in your own staff?  Selling off bits of it?  Issuing stock?

The isn't a MLB or NFL team whose only tie is the city's name they wear.

Yes, but it's a stream of cash flows that apparently is sufficient to attract external investors. I don't think that private equity will want to buy an entire AD. Just maybe 50% of it in exchange for a big upfront amount. A question in my mind is who would an equity investor negotiate with if they want to buy a share of a public university's AD. Does the university have the authority to sell a part of itself? Does the state (the legislature or the governor) have a say in the matter? And what would be the tax treatment of such an entity?

We're plowing new ground here. But private equity (not just in the US but around the world) has so much money they are chasing new investments and getting into new business areas everywhere.

[Spiny_Norman]

I understand buying advertising rights, but buying the whole Athletic Department?  Moving in your own staff?  Selling off bits of it?  Issuing stock?

The isn't a MLB or NFL team whose only tie is the city's name they wear.

Yes, but it's a stream of cash flows that apparently is sufficient to attract external investors. I don't think that private equity will want to buy an entire AD. Just maybe 50% of it in exchange for a big upfront amount. A question in my mind is who would an equity investor negotiate with if they want to buy a share of a public university's AD. Does the university have the authority to sell a part of itself? Does the state (the legislature or the governor) have a say in the matter? And what would be the tax treatment of such an entity?

We're plowing new ground here. But private equity (not just in the US but around the world) has so much money they are chasing new investments and getting into new business areas everywhere.