Hoo's That
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What will probably happen, to avoid that exact proposal, is private ownership groups (hello, private equity firms!) would actually own the teams and would pay the universities a rather massive rights fee for the use of the name, logos, facilities, etc. Their fans would still be rooting for the Alabama Crimson Tide in dark red and the Texas Longhorns in burnt orange, but someone will pay annually for the right to call the teams by those names and wear the colors.If that ever happens...time to strip tax exempt status from universities since it appears they want to run AAA teams for the NFL and NBA.
I could easily be wrong, but in Mexican soccer, the Universities in Mexico City (Pumas), Nuevo Laredo (Tigres), Tamaulipas (Correcaminos), and Guadalajara (Leones Negros) actually own the teams even though none of the players are students. They started out as teams of students but evolved.