The $500 million would immediately be distributed to the conference's 12 members.
Got an extra $500 million lying around? If so, a stake in the Pac-12 could be yours. The conference is offering a 10% stake to private investors for $500 million as a part of commissioner Larry Scott's "Pac-12 NewCo" plan, according to John Canzano of The Oregonian.
"The 'Pac-12 NewCo' plan was introduced to the conference presidents and chancellors at their mid-November meeting and was subsequently discussed in a conference call in December," Canzano wrote. "Private investors would own 10 percent equity in the newly formed entity in exchange for a $500 million investment."
The 10% sale will aim to boost the sagging revenue in the Pac-12. The conference reportedly earned $11 million less per school in 2018 than the SEC, while the Big Ten will earn $15 million more per school when its media rights deal begins.
The Pac-12 will not participate in the College Football Playoff on Saturday, missing the postseason tournament for the third time in four years. The conference is 1–2 in the 2018 bowl season with four games remaining.