The Pac-12 is getting criticized pretty harshly for some stunning news that was revealed this afternoon.
According to a report by The Oregonian, the Pac-12 is exploring taking on private equity partners.
The idea is not going over well.
"This is a breathtakingly bad idea," tweeted Dan Rubenstein.
Here are the details:
Pac-12 Conference leadership pitched university presidents and chancellors a strategic plan aimed at bailing out the struggling conference and helping it keep pace with its Power Five Conference peers.
The “Pac-12 NewCo” plan was introduced to the conference presidents and chancellors at their mid-November meeting and was subsequently discussed in a conference call in December, per sources. Private investors would own 10 percent equity in the newly formed entity in exchange for a $500 million investment.
A six-page document obtained by The Oregonian/OregonLive outlines the plan presented by conference commissioner Larry Scott to his bosses during the November meeting of the “Pac-12 CEO Group.”
The Pac-12 clearly needs to fix some things moving forward, but we're not sure if this is the answer.