USM Board of Regents holds special meeting on Big Ten conference’s ‘athletics-related contract’

by William J. Ford, Maryland Matters
October 17, 2025

The University System of Maryland Board of Regents held a special, closed-door meeting Friday afternoon to review “an athletics-related contract under consideration,” an apparent reference to a $2 billion offer to buy a stake in the Big Ten athletic conference.

The board immediately went into a closed session to discuss “confidential commercial and financial information” with its attorneys, according to the board agenda. It met for about an hour before leaving without taking any public action.

The 4 p.m. meting was called on short notice.

“The board has been informed that the Big Ten Conference member institutions, which include the University of Maryland, will be voting in the next few days on a proposal that may have board implications,” Board Chair Linda Gooden said a few minutes before the closed session. “Given the short notice, we have requested to meet and seek legal advice and legal counsel on the board’s role and authority regarding this matter.”

The board is responsible for overseeing academic and financial operations and crafting policy for the 12 institutions and three regional higher education centers in the university system. That includes the College Park campus, the state’s flagship institution.

According to published reports, officials at the Big Ten Conference are negotiating a more than $2 billion deal with UC Investments, which manages the University of California Pension System investment fund, for a 10% stake in the conference over the next 20 years. The conference’s athletic departments would each get a share of the money from UC Investments, which would get 10% of conference revenues in return.

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Money generated would include sponsorships, media rights and league revenue streams for the 18 schools in the conference, which stretches from Maryland and Rutgers on the East Coast to the University of Southern California, the University of California Los Angeles and the University of Washington on the West Coast, with traditional heartland rivals in between.

But not everyone is on board with the idea.

U.S. Sen. Maria Cantwell (D-Wash.) sent a letter to the conference’s school presidents, including an Oct. 10 letter to University of Maryland, College Park, President Darryll J. Pines, warning that a deal with a private investor may require the sale of university assets and affect the schools’  tax-exempt statuses.

“The primary goal of these companies is to make money for the firm, which is unlikely to align with the academic goals of your university or its obligations as a not-for-profit organization,” Cantwell wrote. “These investors will be focused on maximizing their investment, not on preserving and growing athletic and academic opportunities for student athletes.”

A spokesperson with the College Park campus said in an email Friday evening the school would need more time to comment on the negotiations.

Higher education officials from at least one state, the Michigan Board of Regents, on Thursday rejected the idea of a private equity firm dipping into college sports, according to the Detroit Free Press.

On the same day that  Michigan officials discussed the proposal, the Big Ten Conference released a statement on behalf of the league’s presidents and chancellors defending the negotiations.

“Over a year ago, we instructed the conference to undertake a comprehensive process, alongside our members, to innovate for the future and extend the conference’s legacy of academic and athletic excellence,” according to the statement. “The Big Ten remains committed to modernizing the operations of our conference, strengthening conference stability, preserving Olympic and women’s sports, and enhancing the student-athlete experience.”

The statement noted that UC Investments would be “a non-profit partner – not private equity.”

“Ultimately, it is the decision of the Big Ten member institutions’ presidents and chancellors to decide if it’s the right opportunity and those conversations are ongoing,” the statement said.

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