Michigan State University trustees revised the university’s code of ethics to bar members from publicly dissenting from majority board decisions, a change that raised concerns about governance transparency as Spartan Ventures expands private-capital involvement in athletics. The update follows internal criticism of Spartan Ventures, a public-private partnership approved in December to generate revenue tied to emerging NIL deal activity. The reporting points to a specific oversight limitation: Spartan Ventures’ for-profit arm is not subject to the state Freedom of Information Act, restricting trustees’ access to financial documents unless board members agree to nondisclosure terms. Board members cited concerns about the need for adequate documentation to ensure university finances are secure. The development reflects a broader higher ed athletics risk surface: private money and new corporate structures can shift governance accountability away from traditional public oversight. For trustees and athletics leadership, the practical takeaway is to tighten information-access rules and to clarify how decision-making and dissent constraints interact with fiduciary oversight.