Latest news with #AmariWilliams
Forbes
28-04-2025
- Business
- Forbes
Does A Kentucky LLC Mean Private Capital Is Next For College Sports?
MILWAUKEE, WI - MARCH 21: Kentucky Wildcats center Amari Williams (22) goes up for a shot during an ... More NCAA Division I First Round Mens Basketball game between the Troy Trojans and the Kentucky Wildcats on March 21, 2025 at Fiserv Forum in Milwaukee, WI. (Photo by Larry Radloff/Icon Sportswire via Getty Images) While the attention of collegiate sports is focused on the transfer portal and the pending House settlement, a decision by the University of Kentucky's ('Kentucky') board of trustees will likely have material and cascading consequences to the industry. On Friday, Kentucky's Trustees approved the establishment of Champions Blue LLC ("Champions Blue"), an affiliate, to house the University's athletic department activities. Part of the stated reasons were governance, compensation, and revenue generation, but based on my experience in sports and private equity, and reading the President's pitch to trustees, I believe the primary goal is to be the first athletic department to receive private capital. I also believe that other institutions will soon follow a similar model, which has obvious benefits but also potential potholes. University of Kentucky President Eli Capilouto sits in the administration building on the UK campus ... More in Lexington, Kentucky, on Friday, Jan. 12, 2024. (Ryan C. Hermens/Lexington Herald-Leader/Tribune News Service via Getty Images) At Kentucky, it will be up to President Eli Capilouto to decide which intercollegiate assets and functions are transferred to Champions Blue. The entity will be wholly owned by another UK affiliate, Beyond Blue Corporation, raising questions on regulatory compliance and tax status. I'll leave that to the sports law experts in the media. Instead, I'll focus on the financial aspects, which I think are significant; while Clemson University spun its revenue generation activities into a separate entity, and the Big 12 conference and Florida State University held exploratory talks, no institution has taken private capital into its athletic department - yet. In its report to trustees, Capilouto's office emphasized incentives like governance, differentiated benefits and revenue generation. Clemson University touted the latter when it launched Clemson Ventures LLC last August. But as the report also outlined, Champions Blue will allow Kentucky athletics to 'Restructure to accept new capital and approach permanent financial stability'. To be clear, that means direct investment from private capital firms right into athletic departments. LEXINGTON, KY - JULY 29: Kroger Field (formerly Commonweath Stadium), home of the University of ... More Kentucky Wildcats football team in Lexington, Kentucky on July 29, 2019. (Photo By) Private Capital has infinite potential structures, but essentially two categories: equity, where firm-sponsored funds take a stake in a business, and debt, where they lend money with the promise of future returns. Either option provides capital to support costs and fuel growth during periods of transformation, so it's easy to see the appeal for institutions like Kentucky given the current collegiate sports atmosphere. The pending settlement between the House and the NCAA would allow schools to share portions of their revenue with athletes, estimated to reach almost $30m per year for a school like Kentucky. The NCAA would also be responsible for back pay to recent athletes of almost $2.8b, which will come from insurance, reserves and tournament distributions that schools like Kentucky regularly receive. Coach salaries (and buyouts), stadium renovations and training facilities are other examples of growing cash outlays outside of the settlement. Investing in those areas are table stakes for an institution like Kentucky that wants to compete in athletics, and that money needs to come from somewhere. Enter Private Capital. 1990: The University of Kentucky fans hold up paper cut-outs of Kentucky head coach Rick Pitino ... More during a game at Rupp Arena in Lexington, Kentucky. Mandatory Credit: Allsport USA/ALLSPORT These firms also provide business expertise and institutional governance, atypical for not-for-profit institutions. How does Kentucky allocate resources intelligently, recruit talented student-athletes, position their teams for sustained success, all while ensuring positive returns to the university that drives their mission? That's an issue Florida State likely wrestled with when they explored private equity last year. Their Athletic Director Mike Alford called it 'the future' of collegiate sports. It's a fair question. In fact, some Private Equity leaders were lukewarm to the idea when surveyed earlier this year. And Ian Charles, who I respect greatly as a pioneer and titan in sports private equity, highlighted that media rights are negotiated at the conference level, and an unstable landscape, as reasons that his firm, Arctos, wouldn't be comfortable. To Charles' point, just last week, Judge Claudia Wilken withheld her approval of the House v NCAA settlement because of concerns over roster size restrictions, and the deal is now in jeopardy. But Champions Blue was created under the presumption of a 'new era' of 'directly compensating student-athletes'. Whether it happens via this settlement or further litigation, the overwhelming presumption is that it will happen. So while the landscape is currently murky, the most beautiful lotus blooms from muddy waters (I love that quote). First, while the collegiate sports regulatory landscape isn't predictable, the revenue streams certainly are, and that's ambrosia for PE. That's thanks to locked in media rights deals that count in the billions, and a very loyal customer base. Professional sports are an appealing asset class because customers are sticky for their entire lives. But according to market research, collegiate sports fans are even more loyal, and the most loyal of all, are fans in the Southeastern Conference (SEC). Kentucky plays in the SEC. Second, private capital firms are skilled at surfacing value from undervalued assets. It's confusing that the National Basketball Association ('NBA') earns twice as much revenue as college football, with half the viewership. Other industry experts have pegged the gulf as wide as 5 to 10 times. All this despite collegiate brands, such as the Universities of Notre Dame, Southern California, Michigan and Texas, that rival professional sports. And third, an unprecedented level of private equity firms have recently raised sports-centric funds. That's led to an unprecedented level of deals (disclosure: this data is via my firm The Ledge Company). Private Equity Deals Across 10 Major Professional Leagues. Access Direct At Professional sports is a scarce resource/trophy asset, part of the reason teams are so valuable. These firms need to put their money somewhere. Now, the typical fund life ranges from 6 to 10 years, so some of those investments may hit the market again. But the market is saturated, and the LLC model that Kentucky is pursuing opens a gateway into a brand new frontier for investment. First, historically universities have wholly owned their athletic teams. An affiliate structure, complete with outside investors and a profit-seeking focus, is a seismic shift, outside their core capabilities. Perhaps relatedly, Clemson Ventures recently hired Michael Drake, a 'longtime NBA and NFL executive', as their CEO. SANTA CLARA, CA - JANUARY 07: A Clemson Tigers helmet is held up prior to the CFP National ... More Championship against the Alabama Crimson Tide presented by AT&T at Levi's Stadium on January 7, 2019 in Santa Clara, California. (Photo by) Second, accepting private capital means accepting new expectations and priorities, such as growth and return targets. Yes, in certain aspects, the interests of private capital and the University align, such as on revenue generation; both entities will want to maximize the value they drive from collegiate athletics, to retain the best student-athletes and ensure sustained success. But many athletic departments don't make a profit, so what happens if cutting certain sports will improve the bottom line? Yes, private capital can be passive, but typically that's dictated by target-side leverage, as it was with the NFL. Not every collegiate institution has that weight. Third, identifying the source of the sponsoring firm's funds, including their limited partners, can be complicated. Universities have robust processes to vet donations for regulatory compliance. For example, Section 117 of the Higher Education Act of 1965 requires semi-annual disclosures of foreign contributions that exceed $250,000 (there is proposed legislation to lower that to $50,000, and $0 from certain 'countries of concern'). How does that factor in? And who is guiding these new entities on flagging foreign funds? Yes, these are affiliates, but they, like Champions Blue, fall ultimately under the umbrella of the university. A matter for the legal experts as well. Fourth, do athletic departments and institutions at-large have the inherent pace and capability to evaluate a large potential investment? Not to belabor the point, but these are green field transactions. Institutions will have evaluated similar firms in the past for managing endowments, likely know advisors they trust, and have executives and trustees that have relatable experience. But an institutional process – a road map, often relied on for transactions – is unlikely to exist. And finally, the impact of all this on Title IX, the regulation that requires gender equitable spending from institutions that receive federal funding. Another consideration for lawyers, though some have already suggested the proposed settlement itself violates Title IX. LEXINGTON, KY - FEBRUARY 28: Cheerleaders of the Kentucky Wildcats perform on the court against the ... More Georgia Bulldogs on February 28, 2007 at Rupp Arena in Lexington, Kentucky. (Photo by) If and when the house settlement is approved, it's expected to go into effect later this year. 'Gold rush' has the word 'rush' for a reason, and it just takes one match to light the fuse. To wit, when discussing the possibility earlier this year, Michael LaSalle, a partner at Shamrock Capital, presciently said 'You have to find somebody willing to be a trailblazer'. I think that trailblazer is Kentucky.
Yahoo
29-03-2025
- Sport
- Yahoo
Lexington kitchen creates new British-cereal-based treat for Big Blue Nation
LEXINGTON, Ky. (FOX 56) — DV8 Kitchen dropped a brand-new cinnamon roll with a unique British influence on Friday for Big Blue Nation. Known for its sweet treats, DV8 Kitchen's bakers are now serving up a Weetabix cinnamon roll. The roll was inspired by the Cats' star center Amari Williams, who said the British cereal was his secret weapon. After his big performance against Illinois, the snack went viral in Kentucky. 'People have been coming in, saying they're going to take them home to eat while watching the game, started their day with them, had it for lunch,' Michael Harper, manager at DV8 Kitchen, said. 'They just want to be energized and in the big blue spirit like Amari was.' This Kentucky Airbnb is among the most wishlisted in the world Kentucky voters rally for government change in Capitol Rotunda Kentucky mother's 33-year sentence for child's fentanyl overdose death stands The team at DV8 said that as long as UK keeps dancing in the NCAA Tournament, the staff plan to keep serving the specialty Weetabix-based cinnamon rolls. The bakery staff said they hope to have them on the menu for at least the next two weekends. To find a location in Lexington and order a cinnamon roll online, visit the DV8 Kitchen website. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-03-2025
- Sport
- Yahoo
The Weetabix craze and Kentucky's Amari Williams, explained
Welcome to FTW Explains, a guide to catching up on and better understanding stuff going on in the world. Have you seen some stuff about Weetabix and Kentucky center Amari Williams that's gone viral? And you're very confused about that whole thing? Don't worry. We're here to help. The secret to Amari Williams' success is ... a British breakfast cereal? That's right. We're here to talk about Weetabix and how it's helped fuel a Kentucky Wildcats run in March Madness, particularly for Williams. Let's dive in and answer all your questions as we watch Kentucky perhaps continue its run in the men's 2025 NCAA tournament: Earlier in March Madness, Kentucky head coach Mark Pope revealed that Williams had "incredible energy" as of late, and it's all thanks to Weetabix: Coach Pope says Amari Williams' secret to success is his childhood breakfast, Weetabix 🥣😂#MarchMadness @KentuckyMBB — NCAA March Madness (@MarchMadnessMBB) March 24, 2025 It's a breakfast cereal that's from the United Kingdom. Williams is from Nottingham, England, and so he ate that growing up. The cereal looks like a giant chunk of shredded wheat, but it looks like it breaks up in milk. It's become a huge thing among Kentucky fans everywhere, who are buying Weetabix in support and trying it: Some members of the KSR crew tried Weetabix for the first time today. //🎥 @KSRTHESHOW — Mario A Maitland (@MarioMaitland_3) March 27, 2025 Kentucky fans are heeding Mark Pope's call to start the gameday with Weetabix. — Tyler Thompson (@MrsTylerKSR) March 28, 2025 Looks like @weetabix just picked up another new fan... He's live on the news and his name is @KeithFarmer18 😂😭 — Maggie Davis (@MaggieDavisTV) March 27, 2025 View this post on Instagram A post shared by Kentucky Sports Radio (@ksr_ig) From On3: 'With a number of big basketball fans at Post Consumer Brands, word of Amari's interview started making the rounds Sunday night,' Weetabix's representative told KSR. 'There's been a fun energy inside the company the last few days as it's incredibly cool to have Weetabix be included in conversations around something like the NCAA Tournament.' Gosh, I sure hope so. This article originally appeared on For The Win: Weetabix fueling Kentucky's Amari Williams in March Madness, explained
USA Today
28-03-2025
- Sport
- USA Today
The Weetabix craze and Kentucky's Amari Williams, explained
The Weetabix craze and Kentucky's Amari Williams, explained Welcome to FTW Explains, a guide to catching up on and better understanding stuff going on in the world. Have you seen some stuff about Weetabix and Kentucky center Amari Williams that's gone viral? And you're very confused about that whole thing? Don't worry. We're here to help. The secret to Amari Williams' success is ... a British breakfast cereal? That's right. We're here to talk about Weetabix and how it's helped fuel a Kentucky Wildcats run in March Madness, particularly for Williams. Let's dive in and answer all your questions as we watch Kentucky perhaps continue its run in the men's 2025 NCAA tournament: What's this now about Weetabix and Amari Williams? Earlier in March Madness, Kentucky head coach Mark Pope revealed that Williams had "incredible energy" as of late, and it's all thanks to Weetabix: Coach Pope says Amari Williams' secret to success is his childhood breakfast, Weetabix 🥣😂#MarchMadness @KentuckyMBB — NCAA March Madness (@MarchMadnessMBB) March 24, 2025 What are Weetabix? It's a breakfast cereal that's from the United Kingdom. Williams is from Nottingham, England, and so he ate that growing up. The cereal looks like a giant chunk of shredded wheat, but it looks like it breaks up in milk. And what's happened with Weetabix since this revelation? It's become a huge thing among Kentucky fans everywhere, who are buying Weetabix in support and trying it: Some members of the KSR crew tried Weetabix for the first time today. //🎥 @KSRTHESHOW — Mario A Maitland (@MarioMaitland_3) March 27, 2025 Kentucky fans are heeding Mark Pope's call to start the gameday with Weetabix. — Tyler Thompson (@MrsTylerKSR) March 28, 2025 Looks like @weetabix just picked up another new fan... He's live on the news and his name is @KeithFarmer18 😂😭 — Maggie Davis (@MaggieDavisTV) March 27, 2025 What has Weetabix said about Amari Williams and this Kentucky phenomenon? From On3: 'With a number of big basketball fans at Post Consumer Brands, word of Amari's interview started making the rounds Sunday night,' Weetabix's representative told KSR. 'There's been a fun energy inside the company the last few days as it's incredibly cool to have Weetabix be included in conversations around something like the NCAA Tournament.' Will Amari Williams get an NIL deal with Weetabix out of it? Gosh, I sure hope so.
The Independent
28-03-2025
- Health
- The Independent
Thanks to a basketball team, British staple Weetabix is now one of America's best-selling cereal brands
Britain's favourite shredded wheat brand is currently one of the most popular cereals in the US, thanks to the approval of a basketball team. On Sunday, the Kentucky Wildcats defeated the Illionois Fighting Illini, putting their success down to eating a bowl of Weetabix before the game. In a press conference following the win, basketball player Amari Williams said: 'They got me Weetabix; I had about three of them this morning. 'Coach Pope joined me too, and Brandon Garrison and I feel like that helped my performance today, for sure.' Williams said he used to eat the cereal growing up and found the shredded wheat gave him more energy than just eating a few slices of toast before a game. 'My parents always forced me to eat it growing up, we found an international store and I had three this morning,' Mr Williams said. Mark Pope added: 'We will have mandatory team breakfast this week, every morning, featuring Weetabix.' Within hours of the press conference clip going viral online, sales of Weetabix soared. The breakfast staple surged past Cheerios and Cinnamon Toast Crunch on Amazon. The craze for the shredded wheat product has been seen in local shops too. One Irish import shop in Lexington, Kentucky, said it sold out of Weetabix in just one day, according to Fox news. Weetabix has confirmed the spike in search interest and on the brands and ecommerce sales have grown since the interview. A Weetabix spokesperson said: ' It's fantastic to see Weetabix making waves in the US - with a number of big basketball fans at Weetabix Food Company, word of Amari's interview started making the rounds on Sunday night. 'We believe that greatness starts at breakfast. And when you have a Weetabix breakfast, you can tackle whatever's ahead – even reaching the Final Four in the NCAA." The cereal is low in fat, high in fibre and low in sugar, making it a healthy breakfast option. In fact, the NHS suggests eating high-fibre breakfast cereal such as plain wholewheat biscuits like Weetabix, as it is a good source of fibre. A high fibre diet is associated with a lower risk of heart disease, stroke, type 2 diabetes and bowel cancer. It helps to slow digestion, making you feel fuller for longer. Weetabix are also fortified with folic acid and iron, contributing to the reduction of tiredness and fatigue.
