The Big 12 Conference entered advanced talks with a RedBird-backed fund and Weatherford Capital for a roughly $500 million financing package via Collegiate Athletic Solutions, a person familiar with the negotiations said. The proposed arrangement would provide member schools with lines of credit — roughly $30 million apiece — to help cover rising athlete compensation and coaching costs tied to expanded media rights deals. Conference officials confirmed talks but emphasized the structure is meant to fuel business growth rather than sell conference equity. The move follows earlier failed negotiations with CVC and mirrors other conferences’ search for nontraditional capital as athletics revenue expectations outstrip current distributions. University finance officers and athletic directors will need to weigh repayment terms tied to future media rights against long-term institutional revenue stability. If finalized, the deal would be the first major conference-wide capital infusion of its kind and could set a template for other leagues wrestling with financial shortfalls and competitive disparities, particularly with the SEC and Big Ten.