UNLV Basketball Reportedly Open to Sale, But Rebels' Management Denies Rumors
Josh Pastner's phone rang nonstop over the weekend, with wealthy individuals from across the country calling to discuss purchasing the UNLV men's basketball team for a reported $10-12 million.
The idea, sparked by Pastner's tongue-in-cheek suggestion during a recent interview, has sparked widespread interest and debate about the future of college athletics.
UNLV men's basketball coach Josh Pastner clarified that the team is "not for sale," saying "we need support, but we're really not for sale. The model's not set up for that." The program has been struggling, with only 5,374 in attendance last year and a long drought from the NCAA tournament.
College sports have undergone significant changes in recent years, with the rise of the Name, Image, and Likeness (NIL) era and the increasing cost of competing at the top level.
Private capital has been circling college sports, looking for undervalued assets to invest in. With the model changing, schools are seeking new and creative ways to fund their programs.
UNLV head coach Josh Pastner acknowledged that the idea of buying and selling college teams is not far-fetched, citing examples of Utah and Michigan State forming new companies to handle revenue-generating aspects of their athletic programs.
In a sense, it's already in motion. Utah finalized a nine-figure deal with Otro Capital earlier this year, and Michigan State just unveiled a new athletic department structure with $100 million in seed money.
LSU is also exploring alternative revenue-generating opportunities, with a "first look" event scheduled for August. The event is expected to include some type of structure where investors/donors could buy a "share" of a privatized athletic department.
The college sports structure is evolving rapidly, and it's not hard to imagine a desperate school willing to "sell" its football or basketball program to private investors.
In exchange for funding the roster and taking on the profit/loss risk, the school would get paid for use of facilities and trademarks to fund their other sports.
As Pastner said, "it's just a new day and age in college athletics." The world of college sports is changing, and it's up to schools and coaches to adapt.
The UNLV men's basketball team will continue to operate under the current model, but the debate about the future of college athletics is only just beginning.
Source: Yahoo Sports