As the Big Ten considers a potential $2.4 billion private capital deal, two schools have reportedly been pushing back. Michigan and USC are not entirely on board, and Trojans’ athletics director Jen Cohen addressed where things stand.

Cohen, in her “State of Troy” letter released Friday, mentioned the reporting around the proposed investment deal. It would create a new commercial entity, Big Ten Enterprises, which would support the conference while also extending the grant of rights through 2046. Most importantly, it would give the firm – reportedly UC Investments – a 10% equity stake in Big Ten Enterprises to infuse roughly $2.4 million, distributed among member schools.

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Ross Dellenger recently detailed where the proposal stands, as well as what Michigan and USC think. To Cohen, there’s a need for “thorough” evaluation of the proposal and any big picture impacts it could have.

“As we continue to evaluate the merits of this proposal or any others, our University leadership remains aligned in our stance that our fiduciary obligation to the University of Southern California demands we thoroughly evaluate any deals that could impact our long-term value and flexibility, no matter the short-term benefit,” Cohen wrote. “We greatly value our membership in the Big Ten Conference and understand and respect the larger landscape, but we also recognize the power of the USC brand is far-reaching, deeply engaging, and incredibly valuable, and we will always fight first for what’s best for USC.

“I want to thank President Kim and our board for their leadership on this matter. With their professional backgrounds, experience, and expertise, our USC leaders are uniquely qualified to assess deals of this structure.”

Jen Cohen touts ‘exceptional alignment’ at USC

The idea of private equity or private capital in college athletics has come up multiple times the last few years. The Big 12 notably had conversations about it, but commissioner Brett Yormark said earlier this year that the conference wasn’t quite ready to take that step.

Speaking at Big Ten men’s basketball media day last month, commissioner Tony Petitti didn’t discuss specifics of the potential private capital deal. But when asked by On3 about the role private equity could have in college sports, he said resources are crucial to setting a conference up for success. That’s why his goal is to explore those opportunities, including a potential strategic investment.

As she looked at the current era of college athletics, Jen Cohen expressed her confidence in USC’s standing. She said the Trojans will be ready for any “solutions” along the way.

“I believe our work on this issue has exemplified exceptional alignment, and I am confident we are all committed to the most positive outcomes for USC Athletics,” she wrote. “As with any of the challenges and opportunities this new era presents, USC is well positioned to lead toward sensible and effective solutions.”