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[QUOTE="HRE Otto IV, post: 5099023, member: 5685"]
I would think that if they are an 20% "owner" they would get their share of the "dividend" that the conference pays out. There are a few problems with this:

-While the schools are non profit, what happens if the government comes in and says the conference is no longer non profit due to PE ownership? Now the profits are taxed which lowers the dividend amount for everyone.

-Now that you are getting less money, you can no longer accurately project when you will get your money back. It will take longer and you could see schools leave the conference in that time. Even if everyone stays, you don't know what the next TV contract will be. While it could be better, it also could be worse. There is no stability, which makes an "investment" high risk.

-If you own a pro sports team there is very little risk that stake in the team won't appreciate in value over time. There will also be plenty of potential future buyers. That isn't the case with a conference. There is a risk the conference will not even exist. What good is owning 20% of the P12 if it only contains two schools?  And if it does exist, you are only "leasing" those athletic programs. You do not own them. There is no real "asset" behind the conference. So I would not expect there to be many potential buyers, if any, of that stake.
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