The Big Ten Conference is in advanced discussions over a private capital transaction worth at least $2bn that would establish a new commercial vehicle, Big Ten Enterprises, to consolidate its media and sponsorship revenues.

According to sources cited by ESPN, three private capital firms are being considered for the deal, which has been under discussion for several months. A decision is expected in the coming weeks, with league officials aiming to secure unanimous approval from all 18 member schools.

The deal would extend the Big Ten’s grant of media rights through 2046, ensuring long-term stability while providing each school with immediate upfront payments. Distribution would be based on a tiered formula, with every university set to receive at least a nine-figure sum.

Under the proposed structure, the investor would hold a small equity stake in Big Ten Enterprises, receiving annual payouts tied to its shareholding but no influence over governance. Core functions such as scheduling, officiating, and championships would remain with the league office.

“This is a way to organize ourselves better,” a source close to the talks said, adding that the league sees the move as a means to unlock additional value by pooling commercial rights across its 18 institutions.

The plan, overseen by commissioner Tony Petitti, comes as athletic departments face rising financial pressures following the NCAA’s settlement on direct revenue sharing with student-athletes.

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