In a move that's reshaping the financial landscape of college athletics, nearly half of the Big 12's member schools are passing on a lucrative $30 million credit option from RedBird Capital Partners and Weatherford Capital. According to Front Office Sports, Texas Tech, Colorado, and Iowa State have officially declined the offer, joining Baylor, Cincinnati, Houston, TCU, UCF, and West Virginia in holding off—at least for now.
The deal, approved just over a week ago, brings a $12.5 million capital infusion directly to the Big 12 conference for reinvestment. It also establishes a business partnership with RedBird to help source deals and offers individual schools access to a line of credit worth up to $30 million. Schools that opt in would see a portion of their annual conference distribution withheld to repay the firms on a fixed schedule.
If every school took the deal, RedBird and Weatherford could deploy as much as $500 million across the conference. But with so many schools saying no, that scenario is looking increasingly unlikely. Texas Tech confirmed its decision on Thursday, while Colorado issued a statement emphasizing its support for the broader agreement—even as it opts out of the credit line. "We are confident that this agreement positions the conference and its member institutions for success in the current dynamic environment of college athletics," Colorado said.
Iowa State echoed a similar sentiment, with a spokesperson noting, "While we are appreciative of the Big 12's efforts, we do not plan to use the line of credit." Kansas, meanwhile, remains undecided, and several other schools—including Arizona, Arizona State, BYU, Kansas State, Oklahoma State, and Utah—have yet to respond publicly. Utah's hesitation may be particularly telling, as the school struck its own investment deal with private equity firm Otro Capital in December to manage revenue-generating athletic operations.
As the Big 12 navigates this new era of financial partnerships, the mixed response from its members highlights the careful balancing act schools face between accessing capital and maintaining long-term fiscal flexibility. For now, the message from many is clear: thanks, but not yet.