As Utah Athletics moves forward with its private equity deal with Otro Capital, the athletic department has begun a “reduction in force.”
“In preparation for the growth of Crimson Brand Partners (CBP, formerly Utah Brand Initiatives), the university has begun the process of transitioning select units of some university operations to the new company,” a Utah Athletics spokesperson said. “The first step of that process requires the discontinuation of the individual positions in those units through a reduction in force (RIF), to be followed by CBP’s hiring process,”
As part of the first-of-its-kind deal with private equity Otro Sports, Utah Athletics will spin its revenue side off into a new, for-profit company called Crimson Brand Partners. As select units transition to the new enterprise, employees began receiving notice on Friday that they were being laid off, with the option to reapply for a similar position with Crimson Brand Partners…