ANN ARBOR, Mich. (AP) — The University of Michigan governing board publicly declared its opposition to the possibility of giving up a stake of the Big Ten in exchange for $2.4 billion in private investment .

“The University of Michigan Board of Regents met today to discuss the current Big Ten Enterprises proposal. We remain opposed to this deal,” chair Mark Bernstein said Thursday. “Importantly, we are committed to the Big Ten Conference and will continue to explore opportunities that address the pressing financial challenges facing Big Ten athletic departments.”

The conference pushed back earlier in the week after Bernstein claimed that Big Ten Commissioner Tony Petitti threatened to penalize the school if it refuses to support the proposal.

“Nobody pushes around the University o

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