As multi-billion dollar NIL markets, revenue sharing, media rights, and private investment reshape the economics of college sports, institutions must balance competitive ambitions with fiduciary responsibility, public accountability, and long-term mission alignment.

Drawing on developments across the college sports sector, emerging private capital transactions, and established corporate finance principles, the report offers a detailed framework for evaluating strategic alternatives, assessing valuation and governance risks, and structuring transactions that preserve institutional autonomy. For institutions focused on pursuing private capital, the report encourages consideration of the use of a university-controlled affiliate entity. Such approach can enable universities to maximize the economic value of their athletic programs while preserving governance discipline, institutional autonomy, and public trust.

In this report, our team explores:

• The Challenge: Rising Costs of Athletics
• The Opportunity: Revenues and the Monetization of College Athletics
• The Dilemma: Balancing Market Pressures and Institutional and Fiduciary Obligations
• The Solutions: A Potential Structural and Fiduciary Framework

Authored by Douglas Mintz, Stephanie Gold, Joel Buckman, Jill Kelley, Stephen Weinstein and William McDermott.

From Houlihan Lokey: Brian Marler, Stephen Spencer, and Conrad Kolasa.