Two investment firms linked to both the Tampa Bay Rays and the Boston Red Sox are planning to provide $2 billion in loans to collegiate athletics departments.
According to Sportico, Weatherford Capital, which is part of the Rays' ownership group, and Red Bird Capital, which has invested in the Red Sox, are prepared to make a $2 billion investment in collegiate athletics departments.
The two firms plan to make the funding available in $50 million to $200 million allotments at various universities across the country through a company called Collegiate Athletic Solutions.
The firms do not plan to take an equity position in any athletic department's commercial venture. The deals will be structure with returned tied to revenue generation.
Weatherford Capital is run by brothers Will, Sam and Drew. Will Weatherford is the former Speaker of the Florida House and sits on the Rays Executive Advisory Board. Drew is a former FSU quarterback and sits on the school's board.
