TLDR:
- Howard University’s basketball coach, Kenny Blakeney, is proposing to sell a 1/3 stake in the basketball program for $100 million to private equity investors.
- The money would go towards upgrading Howard’s arena and roster, with potential plans to secure a television deal or join a bigger conference.
Howard University’s basketball coach, Kenny Blakeney, is seeking private equity investors to purchase a 1/3 stake in the program for $100 million. Blakeney aims to use the funds for improvements to Howard’s arena and roster, setting aside funds for name, image, and likeness rights. His long-term vision includes securing a television deal for the Bison or potentially joining a larger conference, like the Big East. Blakeney expressed concerns about the possibility of a two-tier system in college sports that could exclude schools like Howard from national championships. The proposed revenue-sharing model would involve a three-way split between owners, Howard, and the program, with interest potentially covering annual operating costs. While Howard University has not yet reviewed Blakeney’s plan, it represents a new approach to financial sustainability in college sports and could pave the way for similar initiatives in the future.
In the broader landscape, private equity investment in college sports is a contentious topic, with critics raising concerns about the implications for amateur athletics. However, Blakeney’s proposal reflects a growing trend of exploring alternative funding sources as colleges navigate evolving financial challenges in the wake of the House v. NCAA settlement. With a potential salary cap for athletes on the horizon, the debate over the commercialization of college sports is likely to intensify in the coming years.
