The Big 12 Conference entered advanced negotiations with Collegiate Athletic Solutions, backed by RedBird Capital and Weatherford Capital, for a $500 million financing package that would provide member schools with roughly $30 million each. The deal—structured as a line of credit through a private fund—aims to help universities cover rising athlete compensation and coaching salaries while preserving league control of media and governance rights. Commissioner Brett Yormark framed the talks as business growth partnerships rather than a sale of conference equity. Member institutions facing widening revenue gaps are increasingly weighing private capital tied to future media revenue—an approach other conferences have explored and that raises governance questions for trustees and athletic boards about long‑term revenue pledges and contingent liabilities.