The recent final approval of the House v. NCAA settlement has catalyzed private equity firms and college athletic programs to engage in financial partnerships, marking a significant shift in college sports funding. Elevate, a sports business consultancy, has launched a $500 million initiative backed by Velocity Capital Management and the Texas Permanent School Fund to provide private credit agreements to schools, enabling them to invest in athletic program enhancements without giving up equity. This move addresses the increased financial demands following the settlement, which allows college athletes to be paid directly under a $20 million salary cap. Elevate has already secured multi-million dollar deals with two Power 4 schools and anticipates more deals before the upcoming football season, signaling a broader trend of institutional capital entering college sports.
Separately, the rise of racket sports in the U.S. is being leveraged by Ballers, a new hospitality-driven social sports venue launching with $20 million in funding from notable athletes and investors including Andre Agassi and Tyrese Maxey. Opening its first location in Philadelphia, Ballers offers courts for pickleball, padel, squash, and other sports, aiming to create upscale, community-focused venues that combine sports, fitness, dining, and social experiences. With plans to expand to over 50 locations in the next decade, Ballers taps into the rapidly growing popularity of accessible racket sports, positioning itself as a premier brand in social sports entertainment.
