As Florida State continues to try to navigate its way through conference realignment, the university is reportedly looking to JP Morgan Chase for help.
Sportico reported Friday morning that Florida State and JP Morgan Chase are exploring “how the school’s athletic department could raise capital from institutional funds.” The global investment firm Sixth Street is “in advanced talks” to lead a possible investment, according to Sportico.
An investment firm could potentially help Florida State pay its exit fee to leave the ACC, which is $120 million. FSU would likely also need more money to get out of its Grant of Rights deal with the ACC.
Investment firms have been involved in professional sports for some time but have yet to do deals in college athletics. That could be changing with Florida State and JP Morgan Chase.
Sportico reports that FSU is looking into a structure where a private equity fund would invest in the university and then be paid back its money as a new media rights deal and sponsorship deals were agreed upon.
Florida State held a Board of Trustees meeting earlier this week and was extremely vocal about its desire to get out of the ACC. FSU President Rick McCullough declared in the meeting that FSU will “have to very seriously consider leaving the ACC.” Board of Trustees member and former Seminoles quarterback Drew Weatherford went a step further, stating that: “It’s not a matter of if we leave, in my opinion. It’s a matter of who and when we leave.”
Paul Finebaum makes the case for FSU, Clemson as perfect ‘fits’ for the SEC
Florida State isn’t the only ACC team exploring its options right now. Clemson is also interested in leaving the league.
ESPN analyst Paul Finebaum has been critical of both Clemson and Florida State at times. But the SEC Network on-air personality admits that the two top programs in the ACC would fit in well in the Southeastern Conference.
“If you look at Clemson and Florida State, there are no two better fits in the world to the SEC than those two,” Finebaum said Thursday on First Take. “I mean they’ve won national championships in the last 10 years. They recruit at the highest level. They have good coaches. They have phenomenal traditions. And they’re both in states with SEC schools.”
Finebaum isn’t sure that Clemson or Florida State will be able to pull if off, though. If they can’t, he believes it will be tough for the Tigers and Seminoles to compete long term.
“It has become problematic for Dabo Swinney and Florida State and Miami and others to compete against the SEC. I know some people are saying, ‘well you’re the SEC mouthpiece.’ I’m not saying it. The ACC coaches are saying that to people,” Finebaum said.
“They may win some battles, but they’re losing most of the battles against the Nick Sabans and the Kirby Smarts. And now you have Ohio State and Michigan and Southern Cal. So they need to do something.”
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Florida State working with JP Morgan to raise funds following ACC exit talk - On3.com
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