THE TOP LINE

That's just one pricey question in today's CFO.ticker. Three more worth weighing:

ALSO INSIDE → The Braves’ record quarter · Oregon’s 100+ job cuts · CVS splits in two

Private capital + sports continues across the globe as Cricket Australia CEO Todd Greenberg breaks down the governing body's push to introduce private capital into the Big Bash League, beginning with the 100% sale of the Melbourne Renegades. The organization plans to place proceeds from club sales into an independent future fund to protect the sport against broadcast revenue fluctuations and power grassroots programs. Greenberg framed the privatization effort as essential to retaining top domestic talent and competing globally against lucrative short-format tournaments like the Indian Premier League. Key notes from Greenberg with the Financial Times’ Nic Fildes…

➤ Establishing an independently managed financial reserve: "It will go into a managed fund, it will have independent oversight, and it will be the responsibility of Australian cricket, in effect future-proofing our sport for the next generation."

➤ Empowering the eight league franchises with a self-determination model: "States and those clubs can decide themselves if they would like to take the opportunity of private capital and bring that into that particular club. First cab off the rank is a Melbourne-based team, the Renegades. ... We expect that transaction to be completed before Christmas this year."

Greenberg on the historic nature of the privatization effort:

“This will be the biggest strategic decision Australian cricket makes in a generation. It would be a bigger strategic decision not to do it [than] it would be...to do it. Because either way you’re anchoring yourself to a position, and I think Australian cricket’s on the right side of history here.”

READ AT FINANCIAL TIMES »

Apollo lent a record $114B in the third quarter to fund an artificial intelligence borrowing boom using premiums from its in-house life insurer Athene. Specifically, the Financial Times’ Antoine Gara notes Apollo saw lending volumes jump more than 50% from the second quarter through complex chip-financing transactions with companies like Anthropic, SpaceX, xAI, and a $500B financing effort for Nvidia. The firm also extended large loans to Bayer, an Oklahoma pipeline network, and the New York Yankees. Gara points out that higher interest rates forced the firm to write down its $1T investment portfolio by $3.2B, resulting in a $1B net loss and a slightly lower-than-expected $1.3B in adjusted net income. Quarterly insurance inflows also fell to a year-low $19B, though the firm remains on track to attract $80B in new cash this year.

READ AT FINANCIAL TIMES »

Atlanta Braves Chairman Terry McGuirk confirmed the team generated a record $324.6M in third-quarter revenue during an earnings call Wednesday, though he declined to discuss the ongoing labor dispute between Major League Baseball and the players' union as the December 1st CBA expiration approaches. The team reported a 5% increase in total revenue through the first nine months of 2026 to $701.8M, driven by a 19% increase in its mixed-use development properties surrounding Truist Park. Despite the revenue gains, overall operating costs on the baseball side jumped 18% to $553.5M due to increased player salaries, production expenses for the new BravesVision in-house media operation and postseason costs.

READ AT THE ATHLETIC »

Universities nationwide implemented staff reductions in October to combat budget deficits and shrinking enrollment. Inside Higher Ed's Josh Moody reports that Oregon expects to eliminate more than 100 jobs to help close a $65M budget gap driven by a continued downturn in out-of-state students. Stockton University similarly cited enrollment declines and reduced state support for a $25M deficit that prompted 21 layoffs. Tulsa is cutting 9% of its staff after accumulating more than $90M in short-term debt, while Jackson State eliminated eight positions following the reallocation of federal grant funds. Seton Hall cut 46 administrative positions and introduced a voluntary separation program to further reduce personnel expenses, and CFO Edward J. Bishof Sr. warned the campus that the financial restructuring remains fluid: "[T]otal savings that will be generated are not yet known... additional cost-saving measures [may be necessary depending on outcomes]."

READ AT INSIDE HIGHER ED »

Goldman Sachs updated its internal guidance in October to restrict advanced AI coding tools like Anthropic's Claude Code and Microsoft's GitHub strictly to its 12,000 engineers and quantitative strategists, drawing frustration from traders who previously used the software to model market changes and monitor client flows. The new policy reverses a recent push for non-technical employee experimentation championed by Chief Information Officer Marco Argenti and takes effect as Wall Street competitors like JPMorgan Chase & Co. seek to manage the escalating costs and cybersecurity risks associated with generative AI models from OpenAI and Google. Goldman Sachs spokesperson Nick Carcaterra: "After a period of experimentation where we assess a variety of factors including productivity and risk management, we put them in the hands of those who are best suited to leverage them for the long term."

READ AT BLOOMBERG »

Cognizant CFO Jatin Dalal argues artificial intelligence will fundamentally reshape how departments allocate resources and forecast future outcomes in a guest post for CFO.com. Dalal breaks down the evolution of the profession into three categories: core finance (record-keeping), growth finance (planning and forecasting), and "new finance," which utilizes AI to continuously update truths and choices in real-time. He then compares this emerging capability to Google Maps, noting the software can instantly recalculate viable business paths and adjust forecasts based on new variables without relying on stale reporting calendars. While digital labor will assume the burden of extracting and reconciling unstructured data, human analysts will remain accountable for governing exceptions and approving final directives, and Dalal writes: "AI can give business judgment a much stronger and more independent evidence base, one that can absorb signals from across and beyond the enterprise, detect when assumptions are no longer holding and bring a different point of view while there is still time to change the outcome. That is the foundation for the new finance, and what I find most compelling."

READ AT CFO.COM »

American corporations are increasingly hiring forward-deployed engineers (FDEs) internally, driving elite compensation packages to between $586K and $1.45M annually, according to a six-month study by executive search firm Christian & Timbers, which found that equity and bonuses account for 52% to 66% of total pay for elite FDEs, who must demonstrate an enterprise impact of at least $10M to earn the top-tier designation. While the role was popularized by Palantir—which produced roughly 80% of the 2,000 elite FDEs currently in the market—companies like Target, Barclays, and American Express are now recruiting these specialists directly to build in-house AI applications rather than outsourcing to tech vendors or consulting firms. The U.S. talent pool currently holds roughly 17,000 FDEs, creating a hiring bottleneck as OpenAI, Anthropic, Microsoft, and Amazon seek to hire up to 10,000 additional engineers. Christian & Timbers CEO Jeff Christian:

“Every company is thinking, ‘We got to do this ourselves.’ ... It’s approaching the glamour of a top AI researcher because there’s so much demand. We’re going to see demand at least through 2028 for this skill set.”

READ AT WALL STREET JOURNAL »

YOUR TAKE

Results to be shared in a future edition.

Electronic Arts filed a lawsuit in federal court against bondholders' trustee US Bank to resolve a dispute over $1.4B in outstanding notes following the company's $55B buyout led by Saudi Arabia's investment fund. The acquisition placed $18B in debt on EA's balance sheet, and creditors allege the company defaulted by failing to make a change-of-control payout that normally requires a return of 101 cents on the dollar. Bloomberg’s Chris Dolmetsch notes EA attempted to bypass the obligation and save roughly $250M by purchasing US Treasuries to secure an investment-grade rating from Egan-Jones Ratings after S&P, Moody's, and Fitch either assigned junk ratings or withdrew them entirely. EA previously offered to repurchase its 1.85% bonds due in 2031 at 92 cents and its 2.95% securities due in 2051 at 74 cents.

READ AT BLOOMBERG »

CVS Health will split into two companies during the first half of 2028, The New York Times' Rebecca Robbins reports. The new spinoff, CVS Pharmacy, will control approximately 9,000 retail locations, in-store clinics, and mail-order operations. The original entity will retain the CVS Health name and house the Aetna insurance division, the Caremark pharmacy benefit manager, and home-based primary care services. The separation follows mounting legislative scrutiny in states like Washington, Arkansas, and Tennessee regarding the market dominance of healthcare conglomerates like CVS Health, UnitedHealth Group, and Cigna, as lawmakers argue these integrated networks drive up medical costs by steering patients to owned pharmacies. CVS Health generated over $400B in revenue last year, ranking as the seventh-largest public company in the U.S.

READ AT THE NEW YORK TIMES »

Kraft Heinz is selling its North American coffee portfolio, including Maxwell House, Gevalia, and five other brands, to private equity firm One Rock Capital Partners in a deal valued at $650M. The transaction includes the transfer of approximately 250 full-time employees and manufacturing facilities in Florida and British Columbia. Kraft Heinz will retain a 30% non-controlling ownership stake and expects to apply the roughly $500M in after-tax net cash proceeds to reduce debt. The sale follows a paused corporate split and arrives amid volatile green coffee markets that recently forced the company to raise consumer prices to offset declining sales volumes.

READ AT DAILY COFFEE NEWS »

Diageo and Pernod Ricard are struggling to compete with major brewers in the ready-to-drink (RTD) cocktail market, resulting in steep valuation drops for the legacy distillers. While overall U.S. per-capita alcohol consumption has fallen to a 60-year low, sales for RTD cocktails surged 28% over the past year, expanding from 4% of total alcohol volume in 2019 to 10% today. Brewers, The Wall Street Journal’s Carol Ryan notes, quickly captured this consumer shift toward portable, low-alcohol convenience, as AB InBev now controls an 18% volume share of the spirits-based RTD market with brands like Cutwater, and Boston Beer relies on RTDs for 85% of its volume. Ryan notes that adapting to the RTD model presents logistical challenges for traditional distillers accustomed to bottling lines, longer shelf lives, and slower distribution cycles:

“The drinks are packaged, distributed and consumed more like beer. ... They need to be delivered as frequently as beer, which distillers aren’t used to. ... Pernod and Diageo are showing up late to a party where beer companies have already wooed the cocktail drinkers. Unless and until they gain ground, that will continue to weigh on their valuations.”

READ AT WALL STREET JOURNAL »

THE BOTTOM LINE · MOST CLICKED LAST EDITION
The Brewers’ title sets an MLB postseason retail record. How Milwaukee’s upfront merchandise bet paid off after a 44-year championship drought. 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!) 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.

(NEW!) 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.

(NEW!) 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.

Chief Operating Officer (RefQuest, LLC / Indianapolis, IN): RQ is seeking an experienced, strategic and execution-oriented Chief Operating Officer (COO) to lead operational strategy and oversee daily business operations More details HERE. What would it cost to move to Indianapolis? Click 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.

Director of Athlete Compensation (Clemson University / Clemson, SC): Key member of the Athletics Central Front Office, providing strategic leadership & analytical support in the development, negotiation, and administration of student-athlete compensation strategies. More details HERE.

Data Analyst – Athletic Financial Reporting (Texas A&M University / College Station, TX): Provide data support for departmental projects and business processes and perform assigned administrative and financial business functions for Athletics business operations. More details HERE.

Financial Analyst I (2 Positions) (University of Arizona / Tucson, AZ): Help drive Arizona Athletics forward through financial insight, analysis, and strategy. Join our team as a Financial Analyst I and help turn data into informed decisions. More details HERE.

Associate Athletic Director, Revenue Marketing & Business Intelligence (University of Maryland / College Park, MD): Leads data-driven marketing and analytics to grow revenue, attendance, donor engagement, retention, and databases through targeted campaigns, pricing, audience insights, and sales partnerships. More details HERE.

Athletics Business Coordinator (Rice University / Houston, TX): The Business Coordinator will help in the generation of budget reports, purchasing, and deposits for the Athletic Department. More details HERE.

Athletics Business Associate (University of Illinois Springfield / Springfield, IL): Lead the business and HR operations for athletics, including providing insight into budgets, policies and staff hiring. Serves on senior staff. Has opportunity for athletics administration duties. (DII) More details HERE.

Coordinator - Business & Finance (University Athletic Association, Inc. at the University of Florida / Gainesville, FL): Manage key financial processes including accounts receivable and bank statement reconciliations. Support balance sheet reconciliation reviews. Ensure timely/accurate recording of incoming payments. More details HERE.

Assistant Athletic Director, Business Operations, Department of Athletics (R0009158) (Wake Forest University / Winston-Salem, NC): The Assistant Athletic Director, Business Operations, is responsible for a broad range of accounting and business operations functions within the Department of Athletics’ Business Office. More details HERE.

Assistant Business Manager (University of Texas – Austin / Austin, TX): To provide support assigned Sport Programs and Departments within Intercollegiate Athletics, in the areas of budget management, travel, procure to pay, and related business functions. More details HERE.

Data Analyst I (University of Alabama / Tuscaloosa, AL): The Data Analyst I gathers, audits, analyzes, and reports low- to moderate-complexity data under general supervision. More details HERE.

Deputy Athletic Director (University of Washington / Seattle, WA): Washington Athletics has an outstanding opportunity for a Deputy Athletic Director to join their team. More details HERE. What would it cost to move to Seattle? Click HERE.

Assistant Director for Business Services (University of Connecticut / Storrs Mansfield, CT): The University of Connecticut is seeking applications for the full-time position of Assistant Director for Business Services More details HERE.

Assistant or Associate Athletic Director, Business Operations/SWA (Sacred Heart University / Fairfield, CT): Provides operational leadership for Athletics' business functions. Oversees financial management, budgeting, purchasing, contracts, revenue and expense tracking to ensure fiscal responsibility More details HERE.

Associate VP & Chief Commercial Officer/Chief Revenue Officer (Ohio State University / Columbus, OH): Responsible for developing and executing a comprehensive revenue growth strategy for the Department of Athletics and Buckeye Enterprises at The Ohio State University. More details HERE. What would it cost to move to Columbus? Click HERE.

Director, Business Office (Spartan Ventures / East Lansing, MI): This role, in conjunction with the Spartan Ventures CFO, will manage all financial activity related to the organization and contribute directly to the success of Michigan State University Athletics. More details HERE.

Manager, Financial Planning and Analytics (University of Texas – Austin / Austin, TX): This position will serve as a point-of-contact for financial planning and internal control functions within the Department of Athletics. More details HERE.

Director of Athletics Budget and Finance (Syracuse University / Syracuse, NY): The Director of Athletics Budget and Finance oversees the comprehensive stewardship, fiscal integrity, and business operations of the athletic department More details HERE.

Assistant Athletic Director, Business Operations (FINANCIAL ANL SUPV 1) Job 88459. (University of California – Davis / Davis, CA): This position is responsible for overseeing all Business Office operations, including account management and oversight of an approximately $50M budget as well as all purchasing and travel activities. More details HERE.

Associate Athletic Director (California State University – Fullerton / Fullerton, CA): Assist the AD with overall organization and management of the Athletic Department, operational and strategic planning, sport supervision, policies and procedures, assist with budgetary decisions. More details HERE.