The Texas Tech Red Raiders’ NIL collective “The Matador Club” founder Cody Campbell has engaged in a transaction to sell his oil and gas company Double Eagle to Diamondback Energy. The sale which was reported on Tuesday by On3, includes approximately $4.08 billion changing hands through cash and stock.
Raiders Thriving in Transfer Portal Thanks to Cody Campbell
Campbell, along with Texas Tech head coach Joey McGuire and general manager James Blanchard, have brought back the Raiders to the table. With so much money, the Raiders are already dominating the transfer portal, adding USC transfer running back Quinten Joyer and Miami (OH) transfer receiver Reggie Virgil.
On3 tabs them as the No. 1 portal class. According to ESPN, to make it happen almost $10 million was spent.
With Campbell now selling his company, Big 12 fans went wild on Texas Tech following the news while other fans were speechless.
NEW: Texas Tech NIL collective founder Cody Campbell has sold his oil and natural gas company, Double Eagle, for $4.1 BILLION🤯
The Red Raiders recently locked down the No. 1 portal class📈https://t.co/6ZqzZyM4i8 pic.twitter.com/cENzaVGBnF
— On3 (@On3sports) February 18, 2025
“Texas Tech about to buy its way into the SEC,” one fan commented.
“Cool, they are 1/3 of the way to reaching A&M and tu status,” another wrote.
“They will set records yearly after this. Most money paid for a 7-5 Texas Bowl appearance,” one fan sarcastically said.
“Congratulations to Texas Tech on their many future Big 12 Championships,” another wrote.
However, some fans took issue with such a splurge.
“How long will we tolerate this shit? When will someone get things in order? Do we need to split from NCAA and start something new with actual order,” one fan asks NCAA.
Details of Campbell’s Transaction With Diamondback Energy
The deal, which is expected to be done by April 1, will see 6.9 million shares and $3 billion being paid by Diamondback Energy, a Texas-based independent oil and natural gas company.
“We are excited to announce our agreement with Diamondback,” Campbell said in a statement. “We believe our team has built a truly standout asset that further increases Diamondback’s high-quality inventory. It was important to us that we maintain the stewardship of this asset going forward not only with a world-class Midland operator but also a group that shares our core values and understands the importance of community impact in West Texas.”
KEEP READING: 2025 Way-Too-Early College Football Top 25 Power Rankings
Things look bright for Texas Tech going forward.
Last season, they finished seventh in the Big 12 table, going 6-3 in the conference and 8-5 overall. They’ll hope to make use of being the No. 1 team in the transfer portal to at least make the conference championship game and subsequently the College Football Playoff.
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