Michigan State University’s Board of Trustees revised its code of ethics to bar members from publicly dissenting on majority board decisions, a move that raised concerns about oversight as the university deepens involvement with private capital in athletics. The change followed internal criticism of Spartan Ventures, a public-private partnership approved last December to generate revenue streams tied to emerging NIL deals. Board members raised transparency concerns because Spartan Ventures’ for-profit arm is not subject to the state’s Freedom of Information Act. That limitation restricts trustees’ access to financial documents unless they agree to nondisclosure terms. The governance tension reflects a wider athletics finance shift in which private capital sits closer to operational control, potentially leaving gaps in traditional public accountability. The article notes NCAA Division I presidents are also increasingly concerned about the trajectory of college sports. For boards, the immediate question is whether ethical safeguards and information-access rules keep pace with increasingly complex revenue structures—and whether trustees can perform fiduciary oversight when key documents remain out of reach.