Universities of California, Los Angeles (UCLA) and Penn State refute allegations of receiving private equity financing from Elevate.
UCLA and Penn State have squashed a Sportico report suggesting they've teamed up with consulting firm Elevate, taking a bite out of the firm's $500 million College Investment Initiative.
Elevate made a big splash earlier this week by announcing the initiative, declaring that two schools had hopped on board the train. However, officials from both universities have flat-out denied Sportico's claims that they've entered into a partnership with the fund. They've maintained that their association with Elevate is limited to ticketing operations, but not private equity.
The initiative, backed by Velocity Capital Management and the Texas Permanent School Fund, is all about doling out dough to colleges for revenue-generating projects. Think Next Name, Image, and Likeness platforms and athletic venue improvements.
Meanwhile, Boise State athletic director Jeramiah Dickey spilled the beans to Front Office Sports that his university is mulling over private equity and is hopeful about wrapping up a deal within the next six months.
However, it's important to note that Boise State hasn't joined hands with Elevate’s College Investment Initiative for private equity or revenue-generating projects. While Boise State is exploring various avenues for private equity investment in its athletic department—setting up Bronco Athletic Growth Solutions (BAGS) to examine non-traditional revenue streams—Dickey has confirmed that Boise State isn't one of the two schools reported to have already signed up for the Elevate initiative[1][3][5].
Dickey has hinted that a private equity deal might be on the cards in the near future for Boise State, but this wouldn't have anything to do with the recently unveiled $500 million Collegiate Investment Initiative by Elevate and Velocity Capital Management[1][3]. Additionally, Dickey has hinted at potential private equity opportunities cropping up at the conference level with the Pac-12, but there's no indication at this point that Elevate will be in the picture[4].
Elevate's College Investment Initiative is not exploring private equity opportunities with Boise State, as the university has set up Bronco Athletic Growth Solutions (BAGS) to examine non-traditional revenue streams. Moreover, Boise State is not part of the $500 million investment initiative led by Elevate and Velocity Capital Management, focusing instead on sports-related financial matters outside of this partnership.
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