Private equity on the horizon? Boise State athletic director exploring nontraditional revenue streams

Boise State athletic director Jeramiah Dickey has repeatedly spoken about finding nontraditional revenue streams for the Broncos moving forward. 

Boise State is one of five Mountain West schools leaving the conference for the Pac-12 next summer. Colorado State, Fresno State, San Diego State and Utah State are also heading off to the Pac-12, as is Gonzaga of the West Coast Conference. 

To compete at the highest level of college athletics, Dickey knows the Broncos need to continue securing new sources of money. One of those sources could be private equity. 

In a recent interview with Amanda Christovich of Front Office Sports, Dickey said Boise State is “actively considering” a private equity investment into the Broncos’ athletics department. Dickey told Christovich that he expects a private equity deal to be reached by the end of 2025. 

“Ultimately, I need to create more assets for my institution and state,” Dickey told Christovich. “Because the athletic department doesn’t earn as much money as some others, I have to get that much more creative, which means I have to take that much more risk, and appropriately so.

“If I feel it will help us, we’re going to do it.”

Christovich reported that Boise State has set up a group through the athletic department foundation called the Bronco Athletic Growth Solutions. 

Dickey told Christovich that Bronco Athletic Growth Solutions is investigating “things that I would still define as nontraditional that create new revenue streams.” Nontraditional revenue streams could range from a line of credit to full investment. 

The Big 12 previously explored a private equity investment at the conference level. Those discussions have paused, Big 12 commissioner Brett Yormark told Front Office Sports. 

“We’re not ready to go in that direction, but we know what the options are out there,” Yormark said. “We’ve been educated at the highest levels.

“The board’s not ready right now. And there’s probably lots of reasons for that. There are so many different things going on right now. But I think we’re well informed. We know what’s going on in that world. We hired a bank to consult and give us direction—show us what the optionality is out there. And we’re just not ready to jump in just yet.”

During a recent question-and-answer session with fans on X, Dickey confirmed that Boise State is looking into a private equity investment. 

“Won’t speak for the Pac-12, but we are,” Dickey said. “We need to find more resources. We cannot continue to be the lowest-funded. Industry is changing. Our job is to find solutions, number-one priority for me. Can’t guarantee success but the effort will be there.”