Former FSU QB Launches Private Equity Venture For Collegiate Athletic Departments

With the prospect of revenue sharing on the horizon, colleges will need an influx of money fast. That is where Mr. Weatherford comes in.

September 3, 2007; Clemson, SC, USA; Florida State Seminoles quarterback (11) Drew Weatherford warms up prior to the game against the Clemson Tigers at Memorial Stadium. Mandatory Credit: Dale Zanine USA TODAY Sports Copyright (c) 2007 Dale Zanine / Dale Zanine-USA TODAY Sports

Ross Dellenger of Yahoo Sports revealed that a former Florida State quarterback has been working behind the scenes on a major project in collegiate athletics during one of the most pivotal times in its existence. Drew Weatherford — the Founding Partner of private investment firm Weatherford Capital, and member of the FSU Board of Trustees — met with over 50 FBS programs and other university bigwigs over the last year to talk business.

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The idea of schools sharing revenue with their athletes has stared college administrators in the face for years. Now it’s finally here.

In a landmark move that will undoubtedly change the landscape of collegiate athletics, two conferences — the Big 12 and the ACC — have agreed to settle in the House v. NCAA case. This means a framework will be instituted for universities to collectively pay their athletes around $20 million a year. This will also include a framework for the NCAA to back-pay former athletes through a fund of more than $2.7 billion over the next decade.

Where will schools get the money for this? That’s where Mr. Weatherford comes in.

With schools suddenly needing to infuse $20 million into their bank account, Weatherford and his co-partner Gerry Cardinale of RedBird Capital Partners have created the joint venture known as Collegiate Athletic Solutions (CAS).

According to Cardinale, the company will address the “need for near-term capital with additional operational expertise across strategies that can improve competitive positioning” in hopes of receiving future revenues from the schools they invest in.

Weatherford told Dellenger, “No school has said, ‘No, that is not something we would consider,’” adding that “I had a hunch this revenue sharing thing was real. It is going to be another big blow to athletic departments.”

According to SportsPro, it does not appear that FSU is in communication with CAS as it is in talks with private equity firm, Sixth Street, but is “aware of Weatherford’s work with CAS.”

Whoever thought it would get this far?

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