The Big Ten is closing in on voting on a capital agreement that will infuse league schools with more than $2 billion, industry sources told ESPN.

There’s been momentum within recent days for the deal to push forward, and the structure of the complicated agreement is coming together. A vote is expected in the near future, per sources.

The framework calls for the formation of a new entity, Big Ten Enterprises, which would hold all leaguewide media rights and sponsorship contracts.

Shares of ownership in Big Ten Enterprises would fall to the league’s 18 schools, the conference office and the capital group — an investment fund that’s tied to the University of California pension system. Yahoo Sports first reported the involvement of the UC investment fund.

The pension fund is not a private equity firm, and the UC fund valuation proved to be higher than other competing bids. This has been attractive to the Big Ten and its schools, according to sources.

A source familiar with the deal said there’s been momentum in recent days, but the league is still working with leadership to make a final decision.

The exact equity amounts per school in Big Ten Enterprises is still being negotiated. There is expected to be a small gap in equity percentage between the biggest brands and others, however it is likely to be less than a percentage point.

ESPN reported last week that a tiered structure is expected in the initial allocation of the $2 billion-plus in capital, with larger brands receiving more money. Each school, however, would receive a payout in at least the nine-figure range, sources said.

The deal would call for an extension of the league’s Grant of Rights through 2046, providing long-term stability and making further expansion and any chance league schools leave for the formation of a so-called “Super League” unlikely.

Traditional conference functions are expected to remain with the conference. Any decision-making within Big Ten Enterprises would be controlled by the conference. The UC pension fund would receive a 10% stake in Big Ten Enterprises and hold typical minority investor rights but no direct control.

The money infusion is acutely needed at a number of Big Ten schools that are struggling with debt service on new construction, rising operational expenses and providing additional scholarships and direct revenue ($20.5 million this year and expected to rise annually) to athletes.

The Big Ten has argued that the deal would alleviate financial strain and help middle- and lower-tier Big Ten schools compete in football against the SEC.

ESPN first reported last week that the league was in detailed conversations about the deal.

Big Ten Enterprises would be tasked with not just handling the league’s valuable media rights (the current seven-year, $7 billion package runs through 2030) but trying to maximize sponsorship and advertising deals leaguewide such as jersey patches or on-field logos.

“Think of it this way — the conference is not selling a piece of the conference,” a league source told ESPN last week. “Traditional conference functions would remain 100 percent with the conference office — scheduling, officiating and championships. The new entity being created would focus on business development, and it would include an outside investor with a small financial stake.”

The deal has not been without detractors, with both Michigan and Ohio State — the league’s two wealthiest athletic programs — expressing skepticism initially, per sources. Each school has been hit with significant lobbying not just from the league office but also other conference members to come to an agreement.

Politicians in a number of states have also voiced opposition, including United States Senator Maria Cantwell (D-WA) who stated Thursday, “You’re going to let someone take and monetize what is really a public resource? …That’s a real problem.”

Cantwell followed up Friday by sending a letter to each Big Ten president warning that any deal involving private equity could invite review, including impacting the schools’ tax-exempt status.

Donald Trump has announced the US will impose an additional 100% tariff on China imports, accusing it of taking an “extraordinarily aggressive position” on trade.

In a post to his Truth Social platform on Friday, the US president said Beijing had sent an “extremely hostile letter to the world” and imposed “large-scale export controls on virtually every product they make”.

Mr Trump, who warned the additional tariffs would start on 1 November, said the US would also impose export controls on all critical software to China.

The president added that he was imposing the tariffs because of export controls placed on rare earths by China.

He wrote: “Based on the fact that China has taken this unprecedented position, and speaking only for the USA, and not other nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a tariff of 100% on China, over and above any tariff that they are currently paying.

“It is impossible to believe that China would have taken such an action, but they have, and the rest is history. Thank you for your attention to this matter!”

Mr Trump said earlier on Friday that there “seems to be no reason” to meet with Chinese leader Xi Jinping in a scheduled meeting as part of an upcoming trip to South Korea at the end of this month.

He had posted: “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems no reason to do so.”

Read more:
China tightens control of global rare earth supply
Three things you may have missed from China this week

The trip was scheduled to include a stop in Malaysia, which is hosting the Association of Southeast Asian Nations summit, a stop in Japan and then the stop to South Korea, where Mr Trump would meet Mr Xi ahead of the Asia-Pacific Economic Cooperation summit.

Mr Trump added: “There are many other countermeasures that are, likewise, under serious consideration.”

The move signalled the biggest rupture in relations in six months between Beijing and Washington – the world’s biggest
factory and its biggest consumer.

It also threatens to escalate tensions between the two countries, prompting fears over the stability of the global economy.

Friday was Wall Street’s worst day since April, with the S&P 500 falling 2.7%, owing to fears about US-China relations.

China had restricted the access to rare earths ahead of the meeting between Presidents Trump and Xi.

Under the restrictions, Beijing would require foreign companies to get special approval for shipping the metallic elements abroad.

Donald Trump has announced the US will impose an additional 100% tariff on China imports, accusing it of taking an “extraordinarily aggressive position” on trade.

In a post to his Truth Social platform on Friday, the US president said Beijing had sent an “extremely hostile letter to the world” and imposed “large-scale export controls on virtually every product they make”.

Mr Trump, who warned the additional tariffs would start on 1 November, said the US would also impose export controls on all critical software to China.

The president added that he was imposing the tariffs because of export controls placed on rare earths by China.

He wrote: “Based on the fact that China has taken this unprecedented position, and speaking only for the USA, and not other nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a tariff of 100% on China, over and above any tariff that they are currently paying.

“It is impossible to believe that China would have taken such an action, but they have, and the rest is history. Thank you for your attention to this matter!”

Mr Trump said earlier on Friday that there “seems to be no reason” to meet with Chinese leader Xi Jinping in a scheduled meeting as part of an upcoming trip to South Korea at the end of this month.

He had posted: “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems no reason to do so.”

Read more:
China tightens control of global rare earth supply
Three things you may have missed from China this week

The trip was scheduled to include a stop in Malaysia, which is hosting the Association of Southeast Asian Nations summit, a stop in Japan and then the stop to South Korea, where Mr Trump would meet Mr Xi ahead of the Asia-Pacific Economic Cooperation summit.

Mr Trump added: “There are many other countermeasures that are, likewise, under serious consideration.”

The move signalled the biggest rupture in relations in six months between Beijing and Washington – the world’s biggest
factory and its biggest consumer.

It also threatens to escalate tensions between the two countries, prompting fears over the stability of the global economy.

Friday was Wall Street’s worst day since April, with the S&P 500 falling 2.7%, owing to fears about US-China relations.

China had restricted the access to rare earths ahead of the meeting between Presidents Trump and Xi.

Under the restrictions, Beijing would require foreign companies to get special approval for shipping the metallic elements abroad.