Davis Polk partner and IP & Commercial Transactions practice head Frank Azzopardi was quoted in Front Office Sports from a panel at Sports Business Journal’s Intercollegiate Athletics Forum on private equity investments in college sports. He discussed his surprise to see certain colleges setting up for-profit entities, because of the implications that it could carry regarding their tax status.

“That brings into question potential issues from the 501(c)(3) perspective, because now you’re very much a not-for-profit entity entering into an express partnership into a for-profit investor,” Frank explained.

“The Private Equity ‘Boogeyman’ Shows Up at Utah” Front Office Sports (December 12, 2025)

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