We need money.
College sports is a professional endeavor in every way except for one aspect. The players, who are responsible for putting customers in luxury boxes, club seats, and those people use in-arena and in-stadium eateries, along with attracting people in front of TVs and perhaps betting on games, don’t get paid. They get a scholarship that they might be able to use of they are not working as student-athletes. They are really not working, they are not employees, they are student-athletes with minimal workers’ rights. But the bosses in the ivy towers are always plotting to maximize revenues and now there apparently is a new plan, hatched by the Pac 12, to get more money into the system. The Pac 12 stakeholders, which really are the 12 college presidents and chancellors of the Pac 12 member schools, might give Pac 12 Commissioner Larry Scott the go ahead and sell a 10 percent stake in the conference for $500 million. Apparently the Pac 12 members need a half billion dollars more money to split 12 ways to keep up with other college sports conferences that are seeing television pour more and more into the product.
How this scheme might work is anyone’s guess. Are there people who might want a share of the Pac 12 with no guarantee of eventual financial success? Maybe. In 2012, when Fred Wilpon was financially ailing, he decided to sell off 12 pieces of his Major League Baseball New York Mets franchise. For $20 million, a buyer could own four percent of the Mets but had no say in the day to day operations of the team. Wilpon got investors, billionaire Steve Cohen, comedian Bill Maher, and an eventual White House Communications Director Anthony Scaramucci who bought in because he was “not buying more than love of the team. The Pac 12 is looking for a Mooch.