The Private Equity Playbook: College Sports and the University of Utah

In December 2025, the University of Utah became the first major college athletic program to take private equity investment, spinning off its commercial operations into a for-profit company. Half a billion dollars and a public university now answering to Wall Street. In this episode of our series The Private Equity Playbook, host Manpreet Kaur Kalra is joined by collaborator Anna Canning to trace how college athletics went from extracurricular programs serving educational missions to financialized assets in a private equity portfolio. This is a story about what happens when the logic of investor returns takes the wheel at a public university, and ultimately, who gets left behind. Spoiler: it's not the programs already generating millions. It's women's sports and all those other sports that may no longer make financial sense to a firm looking to make quick returns on their investment. For decades, the NCAA built a billion-dollar industry on the backs of athletes classified as "amateurs," barring them from receiving fair compensation while coaches pocketed millions and broadcast deals soared. That system only cracked when courts forced it to. NCAA v. Alston. The House v. NCAA settlement. We trace how a wave of legal pressure cracked open the system and how private equity arrived right on cue to profit from the chaos. In this episode, we explore: How Name, Image, Likeness (NIL) rights, and a slew of legal cases set the stage for private equity to swoop in and why this deal is unlikely to remain unique.  How the University of Utah's deal is structured – what moved to the new for-profit entity, what stayed with the athletic department, and why the "we retain control" narrative deserves scrutiny. Who is behind Otro Capital and what their investment thesis tells us about what comes next for college sports. Why women's sports, Title IX protections, and non-revenue generating athletic programs are at particular risk when investor returns become the driving metric for decisions. The ongoing legal fight over athlete employee status. 📌 Support the Podcast: Art of Citizenry is proudly independent. Support us as we critically explore, challenge, and unravel mainstream narratives by empowering listeners with accessible, nuanced perspectives. Contribute via PayPal: https://visit.artofcitizenry.com/paypal Become a Paid Subscriber on Substack: https://artofcitizenry.substack.com/ Follow the show on Instagram: https://www.instagram.com/artofcitizenry Follow Manpreet on Instagram: https://instagram.com/manpreetkalra For more, you can find the full show notes of every episode at https://www.artofcitizenry.com/episodes