ANN ARBOR, Mich. – The University of Michigan regents remain opposed to the Big Ten private equity deal, but they restated their commitment to the conference.
On Thursday afternoon, Nov. 20, 2025, Chair Mark Bernstein released a statement on behalf of the U of M Board of Regents.
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The University of Michigan Board of Regents met today to discuss the current Big Ten Enterprises proposal. We remain opposed to this deal. Importantly, we are committed to the Big Ten Conference and will continue to explore opportunities that address the pressing financial challenges facing Big Ten athletic departments.
Chair Mark Bernstein, speaking on behalf of the Board of Regents
The statement is in reference to the $2.4 billion private capital plan the Big Ten proposed to its members alongside UC Investments. Of the Big Ten’s 18 members, only Michigan and USC oppose the plan.
The plan would give UC Investments a 10% stake in “Big Ten Enterprises,” a proposed spin-off that would include all of the conference’s media rights and sponsorship deals.
In exchange, the league members would share a $2.4 billion lump sum. The money would be split up based on tiers, with larger schools getting bigger pieces of the pie.
The deal would also extend the Big Ten’s grant of rights by 10 years, until 2046.
Big Ten commissioner Tony Petitti, a longtime TV executive who took over the league in 2023, tried to convince Michigan and USC to agree to the plan, but both universities have stood their ground.
UC Investments, likely hoping not to lose two of the league’s biggest brands in the deal, said this week that it will wait for the Big Ten’s members to come to an agreement.
“We remain convinced that the unity of the 18 Big Ten university members is the key to success,” UC Investments said in a statement. “We also recognize that some member institutions 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.”
When the Big Ten threatened to move forward with the plan even without Michigan and USC, Michigan Regent Jordan Acker said the Wolverines would consider the possibility of independence for football when the grant of rights ends in 2036.
The statement from UC Investments comes after both Michigan and USC effectively called Petitti’s bluff.
Michigan regents have argued that a one-time payment won’t fix the larger financial issues facing college football in the NIL era.
Several Big Ten schools are hurting financially because of stadium construction projects and revenue sharing with players.