THE TOP LINE

With $2T in corporate debt headed for refinancing at higher rates, Duke’s John Graham says the new question for every finance chief is “where is the money coming from?” Today’s CFO.ticker finds a few answers, from homecoming weekends to minority investors. Three more things worth weighing:

ALSO INSIDE → England’s new cash cushions for clubs · F1’s path to going private · Wall Street bonuses climb

HBCUs are transforming their annual homecoming celebrations into multimillion-dollar revenue and fundraising engines, Inside Higher Ed’s Olivia Sanchez reports. South Carolina State, for instance, spent more than $150K to host 30K alumni, generating roughly $1M in event revenue and nearly $3.8M in philanthropic donations this year. Morgan State and North Carolina A&T estimate their weeklong events bring $20M to Baltimore and $37M to the Greensboro area, respectively. Institutions like Alcorn State and Fisk allocate between $30K and $125K to fund events that serve as primary catalysts for annual giving. The heightened visibility surrounding the events is also driving enrollment growth across the sector, as Xavier University of Louisiana Interim VP of Institutional Advancement Kimberly Reese notes:

“Homecoming, particularly at HBCUs, is a sacred ritual of coming home to the place where you really became who you are. It’s not about the physicality, it’s about pouring back into the young people.”

READ AT INSIDE HIGHER ED »

Corporate America faces a new financial reality as the U.S. Federal Reserve raised the benchmark federal funds rate to a range of 3.75% to 4%, increasing borrowing costs for companies holding a combined $2T in debt scheduled for refinancing over the next two years. Data from the Intercontinental Exchange shows AAA-rated companies pay an average coupon of 3.6% but yield 5.6%, while riskier CCC-rated bonds now yield nearly 18%. S&P reporting indicates businesses recently delayed the peak debt maturity window to 2031, when $832B will come due, replacing a previous low-rate cycle that fueled $6T in stock buybacks tracked by the Bank for International Settlements. Duke University finance professor and CFO Survey director John Graham explained how executives must adjust to the tightening credit market:

“During the cheap money era, you didn’t have to worry about the financial side as much because you could focus more on just the growth and strategy side. I think we’re getting into an era now where you can’t just say, we can just focus on growth and investment. We have to pay more attention [to] where is the money coming from.”

READ AT FINANCIAL TIMES »

Milwaukee Bucks President Josh Glessing appeared on Bloomberg Open Interest to discuss the impact of institutional capital on team operations, the fragmented media landscape and more. Glessing pushed back against the notion that artificial intelligence wealth is currently driving sports valuation growth and noted the franchise has no immediate need to take on institutional investment. More key takeaways…

➤ The value institutional investors bring to team ownership despite lacking decision-making power: “What they bring is a deep bench of talent and understanding from other teams of what works well, what doesn’t work well, and they can be a resource for us to operate our teams better.”

➤ “A lot of the paper wealth that’s been created by AI hasn’t really been unlocked yet, so I don’t think there’s a lot of AI money flooding into sports. There’s a lot of belief that when liquidity happens in the AI sector that could funnel through…but I don’t think that’s moved the needle yet. … The next phase of how institutional capital can be helpful to sports teams and sports leagues is continuing to help us operate these businesses better to get to a point where you’re talking about multiples of EBITDA driving valuations versus supply and demand economics. And the other thing is it’s the only live content that matters. If media is still king, the only live content that still matters is sports.”

READ AT SPORTS BUSINESS JOURNAL »

The Independent Football Regulator (IFR) will require English Football League and National League clubs to maintain financial reserves based on assessed risk levels, according to The Athletic's Matt Slater. Under the new regime rolling out through 2030, low-risk clubs must hold one month's wages in reserve, medium-risk clubs must hold an additional two months of operating losses, and high-risk clubs must retain an extra five months of operating losses. The requirement arrives as average pre-tax losses hit £22M in the Championship, £7.5M in League One, and £2.7M in League Two last season. Premier League clubs are exempt from the set liquidity requirements due to broadcast contracts and existing league rules mandating £12.5M in available working capital. IFR CEO Richard Monks:

“Today we have set out how we plan to work with clubs to establish a more resilient financial base and to reduce their exposure. Our approach is proportionate to the financial risk and builds in a long lead time for clubs to enable them to stabilise their finances over the next three years.”

READ AT THE ATHLETIC »

National Women's Soccer League club Gotham FC is raising $100M from seven new minority investors at a record-setting $350M valuation, according to Forbes' Hank Tucker. The investment group is led by the Moelis family and features T. Rowe Price Chief Investment Officer David Giroux and JBK Partners co-founder Anne Welsh McNulty, alongside additional contributions from majority owner Carolyn Tisch Blodgett's Next 3 Ventures and existing stakeholder Jen Mackesy. The capital will fund roster upgrades and infrastructure development, including a new practice facility in Whippany, New Jersey, and the club's 2028 relocation to the under-construction Etihad Park in Queens.

READ AT FORBES »

Former Liberty Media CEO Greg Maffei noted during Sportico’s Invest New York 2026 conference that he expects Formula 1 to exit the public markets within two years following John Malone reducing his voting power in the company from 48% to 3%, according to Sportico's Justin Birnbaum. Here’s more…

➤ The racing property's non-voting stock has surged nearly 300% on the Nasdaq to a $28B market capitalization at $108.94 per share since Liberty Media acquired the series at an $8B enterprise value in 2017.

➤ The company also recently added MotoGP at a $5B valuation. The organization maximized growth levers by expanding the racing calendar to 24 events and securing 10 global sponsors, but EBITDA growth is expected to slow after tripling over the past nine years.

➤ Maffei anticipates the Atlanta Braves will remain publicly traded under Malone's control.

➤ The conference panel also highlighted the looming 2027 expansion of the IRS Section 162(m) tax rule, which caps named officer deductions and could cost the New York Knicks and New York Rangers an additional $75M.

➤ Gabelli Funds President Chris Marangi expressed a preference for sports assets to remain public, noting he hopes Maffei's upcoming Horse Racing League and its USA Network broadcast deal follows the traditional public model. Maffei explained why the racing series will likely go private instead of chasing plateauing public returns: “The easy money’s been made. The EBITDA is up 3x in eight or nine years. It’s not going to go up 3x again in the next eight or nine years.”

READ AT SPORTICO »

YOUR TAKE · MONDAY'S RESULTS

60% We already use them

20% Only for premium areas

20% Not a fit for us

0% We're exploring them

Wall Street has severely devalued publicly traded ticket resale platforms Vivid Seats and StubHub following third-quarter earnings reports that missed revenue and net income targets across the board, according to Front Office Sports' Eric Fisher. StubHub reported $502M in revenue and $33.6M in net income while watching its market capitalization collapse from an initial $8.6B valuation to roughly $2.2B as shares fell more than 60% this year. Vivid Seats saw its share price plummet nearly 80% to $1.49, reducing its market capitalization to less than $17M—a steep drop from its $2B valuation during a 2021 IPO. The financial contraction arrives as private rivals like SeatGeek gain ground and industry leader Live Nation reports double-digit increases in revenue and operating income, and Fisher notes Vivid Seats is now preparing a recapitalization plan to stabilize its balance sheet and eliminate $200M in debt by converting it into equity.

READ AT FRONT OFFICE SPORTS »

As companies navigate integrating artificial intelligence into employee compensation models, financial executives must first identify which tasks actually drive core value. CFO Brew’s Natasha Piñon explains the current landscape ranges from JPMorgan Chase tracking internal AI usage to EY awarding $100M in bonuses specifically for human skills, while a recent Marsh survey reveals that 12% of employees in 2026 feel no one owns digital agility at their company. Marsh US workforce solutions leader Tauseef Rahman recommends CFOs collaborate across sales, HR, and finance departments to trace how revenue is generated before blindly incentivizing technology adoption. Rahman warned against repeating the missteps of early computer integration where employers measured raw keystrokes rather than tangible results:

“Organizations made the mistake of rewarding use, not outcomes. People assumed that tech usage inherently meant better outcomes. That’s the original sin in what’s happened with AI at work. ... Outcomes over outputs, outputs over usage.”

READ AT CFO BREW »

The historic dissolution of 95-year-old law firm Weil Gotshal reflects a broader talent war reshaping the legal industry as megafirms use soaring corporate dealmaking profits to raid rivals. A record number of partners exited the top 100 largest firms by revenue this year, representing a nearly 100% increase from a decade ago, according to tracking data from SurePoint Technologies. Powerhouses like Kirkland & Ellis and Latham & Watkins have capitalized on a nonequity-partner tier and growing headcounts to function as one-stop global shops, forcing traditional white-shoe firms like Davis Polk and Simpson Thacher to adopt similar high-turnover models while holdouts like Wachtell remain intentionally small. The Wall Street Journal's Erin Mulvaney and Rosie Ettenheim:

“The bare-knuckled competition over talent has been a decade in the making. Changes in compensation models mean that partners for the most part are no longer paid in line with seniority, allowing firms to raid each other for rainmakers. The going rate for top talent is in the $20M to $30M range annually, not counting bonuses.”

READ AT WALL STREET JOURNAL »

Meanwhile, year-end compensation packages across Wall Street are projected to increase by 20% to 30% for equity traders and equity underwriters following record profits, according to Johnson Associates Inc. Investment bankers focused on mergers and acquisitions could see payouts rise up to 20%, while wealth management and asset management professionals are tracking for bumps of 12.5% and 14%, respectively. The forecasts align with projections from New York State Comptroller Thomas DiNapoli, who estimates profits at New York Stock Exchange broker-dealers will exceed $90B. Fixed-income trading desks face a tighter outlook, with debt trader incentives projected to rise between 7.5% and 12.5% as rising interest rates suppress client demand.

READ AT BLOOMBERG »

THE BOTTOM LINE · MOST CLICKED LAST EDITION
Colleges fight back against “melt.” The Wall Street Journal on the retention playbook schools are using to hold on to students who put down a deposit and then never show up. READ »

Interested in advertising a job opening in CFO.ticker on CollegeSports.jobs? Submit your position here.

(Posted from most recent over the last 30 days).

(NEW!) Assistant Director/Coordinator of Business Operations & Payables (University of Arkansas / Fayetteville, AR): Supports Athletics Business Office operations, including invoice processing, accounts payable inquiries, Workday financial transactions, and financial support for assigned sports and departments. More details HERE.

Manager of Athletic Finance and Administration (University of Louisiana / Lafayette, LA): Under the supervision of the Chief Executive Officer of Athletics, the Manager of Athletic Finance and Administration will assist in day-to-day operations of the Athletics business unit. More details HERE.

Manager, Data & Analytics (University of Florida / Gainesville, FL): Turn fan data into revenue strategy. Own the CRM, shape customer journeys, and build the insights that guide sales and marketing through a multi-year stadium transformation. More details HERE.

Athletics Business Analyst (Brown University / Providence, RI): This position provides financial transaction support, independent budget analysis, forecasting, reconciliation, and financial guidance within Brown University Athletics and Recreation. More details HERE.

Customer Success Manager – Collegiate Sports Connect (Collegiate Sports Connect / Remote): Serve as the primary point of contact for Connect clients, owning partner relations and CRM oversight to drive adoption, engagement, and retention. Remote, full-time. Salary starts at $60,000. More details HERE.

Associate Athletic Director of Business Operations (Yale University / New Haven, CT): The Associate Director of Athletics for Business serves as a key member of the Yale Athletics financial leadership team More details HERE.

Director of Business Intelligence (University of Arkansas / Fayetteville, AR): Leads data analytics and business intelligence initiatives for Razorback Athletics to drive revenue growth, improve operations, and support strategic decision-making. More details HERE.

Assistant A.D., Accounting & Finance (University of Central Florida / Orlando, FL): Under the leadership of the Senior Associate A.D., Business and Finance, the selected candidate assists in the management and coordination of the Athletics Business Office More details HERE.

Athletics Operations Coordinator (California State University – Fullerton / Fullerton, CA): The Athletics Operations Coordinator provides administrative and operational support to the CFO and supports other administrative staff in the department. More details HERE.

Assistant Athletic Director for Business Operations (Albany State University / Albany, GA): Help shape the future of Golden Rams Athletics by leading financial operations, strengthening fiscal accountability, and supporting the continued growth of our 12 NCAA Division II programs. (DII) More details HERE.

Human Resources Business Partner (HRBP) (University of Minnesota / Minneapolis, MN): Athletics HRBP supports recruitment, onboarding, employee relations, payroll, and compliance while partnering with coaches and staff to promote inclusion, engagement, and departmental success More details HERE.

Assistant Athletic Director, Business Operations (La Salle University / Philadelphia, PA): This position supports the daily operations of the Athletic Business Office and will assist in budgeting, financial reporting, accounts payable, payroll, and purchasing. More details HERE.