University presidents and chancellors in two powerful athletic conferences backed a Senate plan to overhaul college athletics, according to a joint statement released Friday night from the Big Ten and Southeastern Conference (SEC).

With the Big Ten and SEC now on board, the bill has a chance of getting to the Senate floor next week for a vote.

The Big Ten and Southeastern Conferences agreed Friday night to support a Senate bill that seeks to regulate college sports, ending a breakneck week of negotiations and pulling…