Michigan State University’s Board of Trustees revised its code of ethics to bar trustees from publicly dissenting on majority board decisions, intensifying concerns about governance transparency as private capital becomes more embedded in athletics finance. The policy change followed internal criticism of Spartan Ventures, a public-private partnership approved last December to generate new athletics revenue tied to NIL and backed by a $100 million investment. Critics argue that Spartan Ventures’ for-profit arm is not subject to the state’s Freedom of Information Act, limiting trustees’ access to key financial documents unless nondisclosure terms are agreed. Board member Dennis Denno cited the oversight risk in a podcast, arguing trustees can’t ensure university financial security without access to needed documents. The dispute is part of a broader pattern in college athletics where revenue models can obscure institutional risk under new financing structures. The episode is arriving as presidents across major Division I conferences increasingly express concern about the trajectory of college sports governance and accountability.