A few months ago, word leaked out that the Pac-12 was looking at a unique strategy to add an influx of cash to the conference: Selling an equity stake in its media rights holding company for a whopping $750 million.
Many people laughed. Others tried to give it serious consideration and came away ... skeptical — to put it charitably — that a $5 billion valuation was realistic.
But the Sports Business Journal is reporting today that the conference has received “multiple bids” in excess of the $750 million ask, which would represent a roughly 15% stake in the holding company.