By CultureBanx Team
- Howard University men’s basketball coach has proposed an ambitious plan to sell a 33% stake in the program for $100M
- The investment offers a three-way revenue split between the prospective owner, the university, and the team itself
Historic HBCU institution, Howard University, is eyeing a $100 million investment that could revolutionize its men’s basketball program and set a new standard for college sports. This bold move comes at a time when the landscape of collegiate athletics is shifting, with revenue sharing and equity taking center stage.
Why This Matters: Howard University’s men’s basketball program is poised for a groundbreaking transformation. Coach Kenny Blakeney has proposed an ambitious plan to sell a 33% stake in the program for $100 million. His plan also includes collective bargaining with players, acknowledging the growing movement towards athlete unionization.
Blakeney’s vision extends beyond mere facility improvements. He’s offering a three-way revenue split between the prospective owner, the university, and the team itself. This unique model could set a new standard for revenue sharing in college athletics.
$100 Million Game Plan: A potential investment in Howard University’s basketball program is more than just a financial boost. It represents a significant step forward for HBCU sports, which have long struggled with funding disparities compared to their larger counterparts. This initiative aims to level the playing field, providing Howard’s athletes with top-tier facilities, resources, and opportunities.
The investment has a clear focus: $50 million for expanding Burr Gymnasium, which currently seats fewer than 3,000 people, and $4-5 million for NIL funds to attract top talent. To compete at a higher level, Blakeney envisions Howard going independent or joining a larger conference, similar to Notre Dame’s model. This move could potentially lead to better media deals and increased national relevance.
Evolving College Sports Landscape: The college sports landscape is undergoing significant changes, with Name, Image, and Likeness (NIL) deals and the NCAA Transfer Portal reshaping the dynamics of collegiate athletics. Specifically, NIL, often described as the “Wild, Wild West,” has been marked by competing state laws and policies.
In response, the NCAA has adopted new legislation, effective August 2024, creating a voluntary registration process for NIL service providers and a disclosure database for athlete NIL deals exceeding $600. These changes aim to bring some structure to the rapidly evolving NIL environment.
What’s Next: As the college sports landscape continues to evolve, Howard’s innovative approach offers a glimpse into a possible future where universities, investors, and athletes share in the benefits of successful athletic programs. The men’s basketball team hit the court to kick off their season in October.
CBX Vibe: “We Fly High – Ballin’” Jim Jones
