Report: Big 12 could sell naming rights to Allstate
The Big 12 is exploring selling its naming rights to a title sponsor in a lucrative and unique deal that could generate hundreds of millions in revenue, reports ESPN's Pete Thamel.
The conference has had discussions with insurance giant Allstate about a deal to change the league's name, sources told Brett McMurphy of Action Network. New name possibilities for the Big 12 reportedly include "The Big Allstate Conference" and "The Allstate 12 Conference."
As part of the deal, the Big 12 could earn between $30 million and $50 million per season, which would be divided among the conference's 16 members, according to McMurphy. The Big 12 is reportedly also considering selling its naming rights to a financial company that would pay the league slightly more than Allstate.
The Big 12 is reportedly also exploring selling 15-20% of itself to CVC Capital Partners - a global private equity giant based in Luxembourg - for $800 million-$1 billion, sources told CBS Sports' Dennis Dodd. Part of that money would go directly to the conference members. The firm reportedly made a presentation to Big 12 commissioner Brett Yormark during a meeting with league leaders in May.
The conference has had in-depth discussions about a potential agreement, and a decision is expected in the upcoming months, according to Thamel.
Big 12 teams currently earn $31.7 million each as part of their media rights deal with Fox and ESPN that ends in 2031. With the potential cash infusion from private equity, the Big 12 would move "much closer" to the Big Ten media rights deal, a source told Dodd. The Big Ten tops all conferences with its school members set to earn approximately $75 million annually.
The significant upside in the Big 12's value and media rights is reportedly an attractive factor for CVC Capital Partners. No conference has ever been this close to a private equity investment of this kind, per Dodd.
The Big 12 has been exploring creative options to generate extra revenue after losing key members, with powerhouses Oklahoma and Texas joining the SEC this season. The Big 12 - which added Cincinnati, UCF, Houston, and BYU in 2023 - has also brought in Arizona, Arizona State, Colorado, and Utah.