The Big 12 is nearing an agreement with RedBird and Weatherford Capital that could deliver up to $500 million to conference members, while also creating a strategic business partnership with the firms, Yahoo Sports reported on Friday. The Big 12 confirmed to Yahoo Sports that it was in negotiations with the two firms.

A final decision on the move is expected in the next few weeks.

“To date, the RedBird ecosystem has delivered over $145 million of contracted revenue to the Big 12 and its member institutions,” the Big 12 said in a statement to Yahoo. “This partnership would provide the Conference with a world-class strategic and capital partner, while preserving 100% of the member institutions’ equity in the Big 12.”

Earlier this week, Utah, a member of the Big 12, finalized a landmark private equity partnership with New York-based firm Otro Capital that will help generate an estimated $500 million for the school. That deal, which would be the first of its kind in college athletics, is expected to be finalized in early 2026.

Last year, CBS Sports reported that Big 12 members were considering a first-of-its-kind private equity investment to ensure the league’s long-term financial and competitive security. On the table was a possible cash infusion of $800 million to $1 billion from Luxembourg-based CVC Capital Partners in exchange for a 15% to 20% stake in the league.

The Big 12 isn’t the only conference considering private equity. CBS Sports confirmed in October that the Big Ten is considering an enormous equity deal, potentially worth upwards of $2 billion. The deal would also extend the Big Ten’s grant of rights until 2046.