Elevate Raises $500 Million To Invest In College Athletics Departments
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PHILADELPHIA, PA – DECEMBER 03: San Francisco 49ers President Al Guido looks on during the game … More between the San Fransisco 49ers and the Philadelphia Eagles on December 3, 2023 at Lincoln Financial Field. (Photo by Andy Lewis/Icon Sportswire via Getty Images) Icon Sportswire via Getty Images Elevate, a sports and entertainment consulting company, has raised $500 million to invest in college athletics departments and help them maximize revenue as their operating expenses significantly increase due to being allowed for the first time to directly pay players. Velocity Capital Management and the Texas Permanent School Fund Corp., which own equity stakes in Elevate, are providing the capital. Velocity Capital is a private equity firm that focuses on the sports, entertainment and media industries, while Texas Permanent is a sovereign wealth fund. Jonathan Marks, the chief business officer of Elevate’s colleges division, said the company through what it’s calling the College Investment Initiative will provide athletics departments with money that will primarily be used to renovate, upgrade, expand or build stadiums and other facilities. The investments will be structured similar to debt instead of an equity stake, meaning Elevate will not have an ownership interest in the athletics departments but rather provide the money upfront and then get paid back over time, usually anywhere from two to 10 years, according to Marks. Elevate will also receive a share of revenue that the colleges generate after the company recoups its initial investment. Elevate’s College Investment Initiative is an alternative to traditional financing such as obtaining a loan from a bank, issuing bonds or raising money from wealthy alums or donors. Its public announcement comes after a federal judge late Friday approved the terms of a $2.8 billion antitrust settlement, commonly referred to as the House settlement, that will see schools being…
Filed under: News - @ June 9, 2025 1:26 pm