The Big 12 is exploring what would be two of the most significant changes to the college conference models to date. Under consideration are selling the conference’s naming rights to a sponsor, as well as a private equity deal with CVC Capital Partners, Front Office Sports confirmed after several eye-opening reports Thursday.

With the Big Ten and SEC continuing to separate themselves financially, the Big 12 is thinking about taking unprecedented measures to close that growing gap, a source told FOS. However, the conversations are still only in exploratory stages.

Here’s What We Know

Allstate is said to be in discussions about a deal with the Big 12 worth between $30 million and $50 million annually, according to Action Network. Name possibilities include “The Big Allstate Conference” or “The Allstate 12 Conference.” 

The idea of selling conference naming rights was formally introduced by Big 12 commissioner Brett Yormark at league meetings last month, according to Yahoo! Sports. Additionally, Conference USA is exploring a multimillion-dollar naming-rights sponsorship with Globe Life, per Yahoo!

Meanwhile, CVC Capital Partners could invest $800 million to $1 billion in exchange for a 15% to 20% stake in the Big 12, according to CBS Sports. 

Shifting Landscape

The Big 12 selling its naming rights would give the conference name a similar feel to many college bowl games. And while that would be a new frontier for any singular college conference, many leagues around the world already have title sponsors. In the U.S., there is the NTT IndyCar Series; in the U.K. there is the Barclays Women’s Super League; and in France, there is the newly rebranded Ligue 1 McDonald’s, to name a few.

On the capital investment front, CVC has made similar cash injections in the commercial operations of other sports properties like the WTA, LaLiga, and Premiership Rugby, among others.

Wimbledon is offering record-level prize money for the upcoming 2024 tournament, a move that will once again help establish the tennis major as a compensation trendsetter for the rest of the sport.

The All England Club said Thursday it will pay out a $64 million prize money fund for the event starting July 1, an 11.9% increase from last year in raw terms and more than 13% when accounting for currency variations. Wimbledon singles winners will receive $3.45 million each, up from $3 million last year, while those losing in the first round of the singles tournament will get $76,636 each, up from $69,500 in 2023.

Overall, the Wimbledon prize pool has grown by nearly one-third compared to 2019 and doubled compared to ’14. The latest figure also extends what has been a strong recovery for the 147-year-old event from the COVID-19 pandemic, which led to the cancellation of the ’20 tournament and reduced prize money in ’21.

“Interest in attending Wimbledon has never been greater, with unprecedented demand for tickets through our public ballot and corporate hospitality,” said Deborah Jevans, All England Club chair.

Keeping Up

Last year’s boost in the Wimbledon prize fund was soon followed by a similar, 8% rise for the 2023 U.S. Open pool to $65 million, joined by increases in per-diem allowances, travel assistance, and hotel allotments for players. As the ’24 Wimbledon figure roughly matches last year’s U.S. Open, it’s expected that the New York–based event will soon unveil its updated figure and again assert itself as the most lucrative event in tennis, particularly in the wake of record attendance it had last year.

The other two tennis majors held this year have also followed the lead of Wimbledon, as the 2024 Australian Open offered a record $57.5 million prize pool, up by 13%, while the recently completed French Open awarded $57.7 million, up by 7.8% from last year.

This year’s Wimbledon will be without some veteran star power, however, as Rafael Nadal said Thursday he will skip the tournament to prepare for the Paris Olympics. Novak Djokovic, the 2023 Wimbledon men’s runner-up, recently had surgery on a torn meniscus sustained during the French Open and his playing status also is uncertain.

Expansion Plans

The Wimbledon prize money boost additionally arrives as All England Club officials are still attempting to pursue a dramatic, $250 million enlargement of its facility. Local officials have shown concern about the effort—several years in the making—to build a new, 8,000-seat stadium and 39 additional courts, but the matter is now in front of the office of London mayor Sadiq Khan. Wimbledon is the only one of tennis’s four Grand Slam tournaments that doesn’t hold its qualifying events on-site—they’re held several miles away at a smaller, 2,000-capacity venue.

“We look forward to a public hearing on our application shortly, and we will continue to work with all relevant parties as we look to deliver one of the greatest sporting transformations [in London] since the 2012 Olympic Games,” the All England Club said.