Mike Harlan is stepping into his eighth season as the athletic director for Utah. Ahead of the 2026 season, under his leadership, the program added its name as the first athletic department to sign a private equity deal.

As reported by Amanda Christovich of Front Office Sports on June 12, Utah announced the school has closed a private equity deal with Otro Capital to launch a new for-profit entity called Crimson Brand Partners. Even though the talks were brewing since December, six months later, they signed the deal. 

“I think we’re going to show everybody that this idea here is going to be something that people are going to follow and be really excited to see how it all works out,” Harlan said. 

The deal was finalized after Utah and its foundation (University of Utah Growth Capital Partners Foundation) agreed to sell a share of its athletic department assets.

This partnership marks an important milestone in the university’s plan to safeguard its core goals of education and research. At the same time, through this deal, Utah will be developing steady funding for Utah Athletics. 

The agreement is designed to support long-term revenue growth and broaden commercial opportunities.

“This new company puts the University of Utah at the forefront of developing creative and strategic solutions to the financial challenges facing college athletics programs across the country,” said President Taylor Randall.

Even though the university has yet to disclose the financial details, someone familiar with the agreement reported that Otro is committing at least $100 million.

Former NFL and MLB Executive Webb Named Leader of Utah’s New Venture

Matt Webb, who has experience with the New Orleans Saints, Cleveland Browns, and San Diego Padres, will lead Crimson Brand Partners. Otro Capital played a key role in his recruitment.

“What Crimson Brands has the opportunity to do is create lasting impact on court and on the field,” Webb said.

Harlan explained that Crimson Brand Partners aims to increase the long-term value of Utah Athletics and support the university’s overall mission. It is expected to strengthen major revenue streams and benefit women’s and Olympic sports. But it also has another important purpose. 

Utah started laying off athletic department employees last month. However, Harlan said several of those jobs will shift to Crimson Brand Partners. Staff members are interviewing for new positions. 

The release states roughly 15 current employees will be absorbed into Crimson Brands, which is projected to grow to about 70 employees.

University of Utah Athletics is comprised of 19 sports programs, including football, baseball, men’s and women’s basketball, among others.

What do you think about the impact of Utah’s new deal on the programs? Let us know in the comments.

Read more at Michigan Football Community.

Written by

Soheli Tarafdar

Edited by

Soheli Tarafdar