Private equity is entering college athletics, and two Big Ten schools were thought to be leading the charge. Penn State and UCLA were initially announced as the first schools to sign on to Elevate’s $500 million College Investment Initiative to help fund their athletic departments.
However, conflicting reports quickly emerged. Spokespersons from both programs have denied involvement in the initiative, clarifying that their partnerships with Elevate are strictly limited to ticketing strategy and operations, not private equity funding.
UCLA, Penn State Deny Reports of Private Equity Funding From Elevate
The College Investment Initiative by Elevate is a private equity fund with a $500 million total value aimed at helping college athletic departments navigate the new revenue-sharing era in college sports. It is backed by Velocity Capital Management and the Texas Permanent School Fund.
However, there is confusion surrounding Penn State and UCLA’s involvement. While reports initially suggested that Penn State and UCLA were the first two schools to sign on, both universities have denied affiliation with private equity funding.
On this Monday, Elevate officially announced the initiative and told media outlets that two schools had already signed on. Not long after, a UCLA spokesperson clarified the school’s position. While the program partners with Elevate for ticketing services, the spokesperson said they are not involved with the new fund.
Soon after, Penn State’s athletic director, Pat Kraft, stated, “Elevate serves as our partner in ticketing strategy and operations. To clarify, our relationship is strictly limited to these services, and we have no affiliation or involvement with any private equity firm or fund,” per Sportico.
The Elevate fiasco is revealing. Thanks to @RossDellenger for fact-checking the story, we now know that UCLA and Penn State did not use private capital to fund their athletic departments but instead partnered with Elevate for ticketing services. This situation highlights that…
— Jay Ezelle (@NerdLaw_JockLaw) June 9, 2025
It’s clear that neither Penn State nor UCLA is currently linked to Elevate’s funding deals. But that doesn’t mean both programs are financially secure.
Take UCLA, for example. After the collapse of the Pac-12, the school now competes in the Big Ten. Yet, it has faced financial trouble for years.
In 2024 alone, UCLA reported a $52 million deficit, even after receiving a $30 million subsidy from the campus. Over the last six years, the school has built up $220 million in athletic debt. These numbers show how badly the Bruins need new ways to bring money.
KEEP READING: UCLA Steals Massive 4-Star OT From SEC, Big Ten Powerhouses, Marking New Era in Los Angeles
Things aren’t much better at Penn State. The school is working through a financial overhaul. Back in February, Penn State rolled out new fees on tickets, parking, and in-stadium purchases. The goal was to build its “Legacy Fund,” which will help cover costs like scholarships and facility upgrades.
Following the House v. NCAA settlement, Athletic Director Pat Kraft also revealed that Penn State plans to spend the full amount allowed in athlete revenue sharing, about $20.5 million for the 2025–26 year.
So, why both schools denied ties to Elevate despite their financial struggles remains unclear. Maybe the timing wasn’t right, or there was some confusion in communication. If these money issues continue, outside funding might not be optional for long; It might be necessary.
College Sports Network has you covered with the latest news, analysis, insights, and trending stories in college football, men’s college basketball, women’s college basketball, and college baseball!
