University of Utah board approves private equity deal to support athletics department

SALT LAKE CITY (KSL.com) — Private equity is coming to Utah athletics.

In a first-of-its kind deal, the University of Utah’s board of trustees unanimously approved a measure Tuesday to create a for-profit company in partnership with New York-based equity firm Otro Capital that could help infuse more than $500 million to the athletics department.

The deal creates a new for-profit company called Utah Brands & Entertainment LLC that will operate as part of the university structure but be outside of the athletic department.

Utah will maintain majority ownership of the company and full control, while being in partnership with Otro Capital, who will be a minority owner and the source for a immediate infusion of cash into the department to help meet the growing demands of a landscape that has