Public Schools, Private Money: The PPP Play

As college athletics and university finances enter a new era, states like Colorado and Utah are embracing public-private partnership (PPP) models to fund everything from academic infrastructure to athletic facilities. These innovative financing structures blur the line between public education and private investment, raising big questions about control, accountability, and long-term value. Universities such as the University of Colorado and the University of Utah have explored or implemented PPPs to modernize their campuses while reducing upfront taxpayer burdens.

This shift comes at a time when athletic departments—especially in major conferences like the Big Ten, SEC, Big 12, and ACC—are facing mounting costs from NIL payments, potential revenue sharing, and the need to remain competitive in a realigned college football landscape. Schools like Texas, Florida, and Michigan may have deep donor bases and massive media deals, but mid-tier public schools are looking to PPPs as a lifeline. In states with budget constraints, private equity firms and development groups have found opportunities to build and manage facilities like dorms, arenas, and even entire campus zones.

While supporters argue PPPs unlock growth and bring professional expertise to public institutions, critics warn they could shift too much control to outside interests. With universities like Arizona State, North Carolina, and Kansas exploring creative financing strategies, the use of private capital in public education could become a national norm. As the power conferences evolve and the stakes grow higher, the question isn't just about who wins on the field—but who owns the stadium.