When the University of Utah announced a game-changing and groundbreaking private equity deal in December last year, it achieved quite a major milestone. It became the first major college athletics program to partner with an outside investment firm. Now, that partnership is paying off in a big way.
The University of Utah is changing how part of its athletic department operates because of its deal with the private investment firm Otro Capital. The university is moving some jobs and departments from the athletic department into a new company called Crimson Brand Partners (CBP), which was previously known as Utah Brand Initiatives.
Before those jobs can be transferred, the university has to officially end the current positions. That is why some employees are being laid off. The athletics department stated that they’re implementing changes to foster the growth of Crimson Brand Partners. However, this does not necessarily mean those workers will permanently lose their jobs…