WASHINGTON (AP) — Howard University's men's basketball coach is reportedly pitching a proposal to potential investors in which a 33% stake in the program could be sold for $100 million.
“College athletics is a full-fledged business now,” Kenny Blakeney, the team's coach, told the Washington Post.
Blakeney has met with a private equity firm and spoken with private equity investors, according to the report, which said he is eyeing upgrades to the team's arena and roster and a possible move to a bigger conference. Howard currently plays basketball in the Mid-Eastern Athletic Conference.
The athletic department did not immediately respond to a message seeking comment Monday. The Washington Post report said Blakeney was holding off on more significant discussions with school officials until investors are lined up.
It's not clear how realistic Blakeney's pursuit of that kind of investment money is, but his efforts are another indication of how creative schools may become — particularly schools that don't already generate massive revenue through athletics — as college sports moves toward significant revenue sharing with athletes.
“We’re just at the beginning of it,” Blakeney said. “But I do feel like there is a short window of opportunity because the speed that NIL is moving, the transfer portal is moving, the professionalism of our business is happening."
The NCAA, along with the Atlantic Coast Conference, Big Ten, Big 12, Pac-12 and Southeastern Conference, have agreed to a plan to allow schools to share revenue generated by athletics with athletes. Schools will be permitted to divert about $22 million to their athletes, starting in 2025, a number that is expected to rise as athletic revenues rise for power conference schools.
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