The Univ. of Utah has finalized its deal with N.Y.-based PE firm Otro Capital that is expected to “infuse up to $500 million into the U.’s athletics operations,” according to Jason Batacao of the SALT LAKE TRIBUNE. Crimson Brand Partners will manage operations of things like “events at stadiums and arenas, branding, licensing and sponsorships, ticketing, and digital media.” New Crimson Brand Partners CEO Matt Webb said that Otro Capital “will not have a ‘cut-and-burn’ approach to the program.” Utah “will own a majority stake in the company” through the university’s Growth Capital Partners Foundation, while Otro Capital will hold a minority stake. Utah AD Mark Harlan “will be the chair of the new company’s board.” Webb, who previously served as VP/corporate sponsorships for both the Saints and Pelicans, “will be the company’s CEO.” The rest of the new company’s leadership group includes Chief Commercial Officer Alex Schulte, Chief Ticketing Officer Joel Adams and CFO Garrett Best (SALT LAKE TRIBUNE, 6/12).
Utah finalizes private equity partnership with Otro Capital
