The University of Utah has finalized an agreement with private equity firm Otro Capital to create a new for-profit entity, Crimson Brand Partners, the school announced Friday morning.
No financial details were revealed, but Otro is committing at least $100 million to the endeavor, according to someone familiar with the agreement.
“When we met our trustees, we were very clear that we felt in a lot of the headwinds that we’re dealing with in college athletics that we had a really innovative solution that could carry University of Utah into the future,” Utah athletic director Mark Harlan said on a media call. “Is there a way that we could create a partnership, create the revenue needed to compete at the highest level without draining critical resources at the University of Utah? I think we’ve done that.”
Crimson Brand Partners will be led by Matt Webb, who previously worked at the New Orleans Saints, Cleveland Browns and San Diego Padres. Otro played a central role in recruiting Webb to lead the new venture. “What Crimson Brands has the opportunity to do is create lasting impact on court and on the field,” Webb said.
Other hires for Crimson Brand Partners include chief commercial officer Alex Schulte, chief ticketing officer Joel Adams and chief financial officer Garrett Best.
