Utah has finalized its deal with the private equity group Otro Capital, the Utes announced Friday.The announcement has been in the works for months; the school’s board of trustees approved the general idea in December. But Friday’s announcement officially makes Utah the first athletic department in college sports to team up with private equity.Terms of the agreement were not disclosed, but Utah officials have touted a nine-figure impact to the program. Athletic director Mark Harlan called it a “really innovative solution that could carry the University of Utah into the future in a really productive manner.”The deal includes the formation of a new entity, Crimson Brand Partners, that is intended to modernize and streamline the Utes’ 19 sports. Former New Orleans Saints and Cleveland Browns executive Matt Webb will serve as the entity’s CEO. Harlan will chair its board.When it launches July 1 at the start of the fiscal year, Crimson Brand Partners will handle the commercial aspects of Utah sports like ticketing, branding and sponsorships. The Utes will retain control of issues like fundraising, coaching, recruiting and scheduling.Although Otro — an investment group with a portfolio that includes Alpine’s Formula 1 racing team — will have a stake in Crimson Brand Partners, the company will make annual reports to the university’s board of trustees and foundation.