The University of California’s

pension investment arm

is attempting to acquire a 10 per cent stake in Big Ten Conference, one of intercollegiate sports’ most successful franchises, known for the Rose Bowl and a multi-year television deal with Fox.

“We just made an offer to buy 10 per cent of the Big Ten, which is the big sports conference in the U.S.,” Jagdeep Singh Bachher, chief investment officer and vice-president of investments at the University of California where he oversees an investment portfolio of around US$180 billion, said at a conference in Toronto on Monday.

“I hope it goes through by … the 21st of November,” added Baccher, who is also chancellor of the University of Waterloo and was speaking at a conference run by the Canadian university.

His comments appeared to a confirm a story reported by Yahoo Sports on Oct. 10, which, citing unnamed sources, said negotiations were underway to inject about US$2.4 billion into the conference’s 18 schools and help create a long-discussed subsidiary called Big Ten Enterprises. That report said private equity firms Apollo Global Management and Blackstone were also circling the sports franchise.

Another report published by frontofficesports.com said

the proposed deal with UC Investments would require the assets to be spun into a private fund called Big Ten Enterprises, in which the investment group would take a 10 per cent stake. That report said the proposed transaction, which would require the schools to sign a grant of rights contract binding the conference together through 2046, was controversial among some university board members.

Baccher, who declined to elaborate on the UC Investments bid following his remarks, told the audience in Toronto that he sees sports as a “cultural capital” investment rather than simply venture capital or a private equity investment.

“I think the future for our young generation is the one thing that glues people to technology and content: sports,” he said, citing the recent excitement over the

Toronto Blue Jays

making it to the World Series, despite losing in seven games to the Los Angeles Dodgers.

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“That creates a whole unique set of opportunities: eSports, media, entertainment, tech. I actually call it cultural capital, not even venture capital or private equity,” he said. “There’s an incredible opportunity set there. So that’s where I’ve been just immersed, in that whole area. It’s been a lot of fun.”

At the conference, Bachher shared the stage with Orlando Bravo, founder and managing partner of Thoma Bravo, a private equity and investment fund with a focus on software.

As their discussion wound down, Bravo asked Bachher what he was interested in and what he is investing in these days. The latter responded that he had spent the last 100 days “absolutely … consumed on a 24-7 basis” by sports.

• Email: bshecter@nationalpost.com