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Covington Advises the University of Utah in First-of-Its-Kind Private Equity Partnership in College Sports

Press Release June 15, 2026

NEW YORK/WASHINGTON — Covington advised the University of Utah in connection with a first-of-its-kind private equity partnership between a university athletic department and an equity firm.

The transaction involves the creation of Crimson Brand Partners, a joint venture that will manage the commercial and revenue-generating operations of the University of Utah's athletics department, including corporate sponsorships, ticketing, and concessions, among other things. Otro Capital, a New York-based sports-focused private equity firm, acquired a significant minority stake in the new entity, while the university retains majority ownership and decision-making authority through its directed service organization.

The deal has been covered by a number of media outlets including The Athletic, Sportico, Front Office Sports, The Salt Lake Tribune, and Law360.

The Covington team included Peter Zern, Andrew Nightingale, Christopher Weil, Colin Milon, Martin Beeler, Heather Haberl, and Zachary Schutz.

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