Illustrative
A Power-conference department
Football and basketball value anchors a single separate offering. Proceeds backfill the non-revenue programs the department was preparing to cut.
Program preservation
Introducing Project Northstar
A sustainable capital and operating solution for the new era of collegiate athletics
Emergetic Sports is a capital formation advisory firm for collegiate athletics. Project Northstar, our equity-based model, raises up-front capital for a university's top sports program from the university's own donor base. The structure is built so every sport survives and scales in the NIL era.
Equity-based
Not structured returns
All programs benefit
Football, basketball, Olympics, Title IX
Donor-led
Relationships preserved
NCAA-aligned
Compliant by design
In Plain Language
Two things, said simply
Emergy: the total amount of energy, of all kinds, required to make or sustain any product or system. Athletic departments generate enormous energy. We convert it into durable capital.
Book a BriefingEmergetic Sports
We structure and raise capital for university athletic departments.
A senior operating team that builds the financial framework, the pro forma, and the investor process — then runs it alongside the department and its donors.
Valuation, structuring, donor strategy, and execution sit with one team, so the department is not stitching together separate advisors mid-process.
- Program-level valuation and pro forma
- Equity structure and governance design
- Donor and investor process management
Project Northstar
An equity-based offering that funds every sport, not just the profitable ones.
Donors invest rather than only give — a donor's investment appreciates as the program increases in value. The university receives significant up-front capital, keeps governance, and sustains Olympic and Title IX programs alongside revenue sports.
For the athletic department: capital is invested in a spun-out football program (for example), and that NewCo then makes an annual payment back to the athletic department in order to support all the other sports.
Explore the model →Our Proprietary Solution
Project Northstar
A financially superior alternative to structured-return models — designed so that universities, student-athletes, donors, and investors are aligned on the same long-term outcome, with university governance fully preserved.
Step 01
Model the asset
Pro forma forecasting across teams and the department establishes what the athletic enterprise is actually worth while keeping the Athletic Department financially whole.
Step 02
Structure the equity
An equity-based offering replaces structured-return debt — supporting university cash flow and investor liquidity.
Step 03
Activate the donor base
Existing donors are offered participation first, preserving the relationships universities have spent decades building.
Step 04
Fund every program
Capital is deployed to the major sports program, which in turn provides guaranteed revenue to the athletic department to support Olympic and Title IX sports, all while student-athlete well-being and financial support continues.
Three TenetsRequest the Northstar Overview
Tenet I
Superior Structure
An equity-based model supporting university cash flow and investor liquidity.
Tenet II
Supplemental Capital
Access to non-donor capital to keep programs competitive and stable.
Tenet III
Compliance
Fully aligned with NCAA guidelines while preserving university independence.
Northstar In Practice
Where it applies
Illustrative scenarios based on the pressures departments are describing to us today. Every engagement is customized from the university's own numbers, state laws, and the university's appetite.
Illustrative
A Title IX–constrained budget
Capital is ring-fenced for women's programs so roster and scholarship commitments hold steady while revenue-sport spending rises.
Compliance & equity
Illustrative
A donor collective in transition
A collective winds down into a governed equity vehicle. Donors move from annual asks to a defined position with a return profile.
Donor continuity
Others have experimented with similar ideas
Community and member ownership in sport is not new. There is precedent for fans, supporters, and outside capital holding an interest in a team — and for athletic departments exploring it.
Community ownership
Green Bay Packers
The only publicly owned team in major American professional sports — more than 500,000 shareholders hold stock in the club, with proceeds reinvested in the team.
Read more →Member ownership
FC Barcelona
Owned by its socis — roughly 150,000 dues-paying members who elect the club's president and board, and who have voted on outside capital raised against club assets.
Read more →College athletics
LSU
LSU has publicly explored bringing private capital into its athletic department — among the first power-conference programs to test outside investment in college sports.
Why Equity
Equity vs. structured debt
Most capital offered to athletic departments today is structured-return debt in a new wrapper. Here is what changes when the structure is equity instead.
Dimension
Structured-return debt
Project Northstar
How the university pays
Debt — Fixed structured returns owed regardless of performance
Northstar — Returns tied to the enterprise, not a repayment schedule
Effect on cash flow
Debt — Servicing costs compete with program budgets every year
Northstar — Up-front capital with cash flow left intact
Who provides capital
Debt — Outside funds with no relationship to the institution
Northstar — The university's own relationship-friendly donor base first, third-party capital as needed
Which sports benefit
Debt — Concentrated on revenue sports that secure the paper
Northstar — Supports all revenue-generating, Olympic, and Title IX programs
Governance
Debt — Covenants and controls imposed by the lender
Northstar — University governance fully preserved
Donor relationship
Debt — Annual asks continue on top of the debt
Northstar — The donor's or investor's return is tied to the performance of the athletic department
Our Core Thesis
Built for three constituencies
For
01
Universities & Athletic Departments
Project Northstar unlocks the asset value of top college sports to provide the university significant capital to sustain and scale all sports offerings whether revenue generating or not, including Olympic and Title IX sports. The university can use the unlocked asset value of the equity for any purpose, including academics and infrastructure.
Capital Formation
For
02
Student-Athletes
Prioritizing the best interests and long-term financial security of the student athlete by providing tax, insurance benefits and financial education.
Financial Security
For
03
Donors & Investors
An equity-based offering that prioritizes donors and their relationships with universities to deliver financially superior results to universities and returns to donors. We source supplemental third-party capital as needed to complement relationship capital from donors.
Equity Model
NIL News & Insights
The new economics of college sports
Get new insights by email
In The NewsThe New York Times / The Athletic
College football program valuations: What the top programs in the country are actually worth
The Athletic's 2026 valuations put Texas at $2.46 billion, Ohio State at $2.3 billion, and Notre Dame at $2.1 billion — the clearest public evidence yet that football programs are assets with measurable enterprise value.
Read the articleIn The NewsJohnWallStreet
Existing Donor Base May Be Goldilocks Solution for College Sports Investments
In The NewsUSA TODAY
Learfield touts $300 million in NIL payments, including massive rise for female athletes
In The NewsAP News
College NIL bill includes $25 million 'retention pool' but is that enough to sway Big Ten, SEC?
In The NewsUSA TODAY
Protect College Sports Act readies concessions to Big Ten, SEC
Questions We Get
The hard questions
The questions athletic directors, CFOs, and lead donors ask first. If yours isn't here, ask it directly.
Ask us directlyDoes the university give up control?
No. University governance is fully preserved. Project Northstar is structured so that the institution keeps decision-making authority over its athletic department, coaches, rosters, and schedules. The capital structure sits alongside the department, not above it.
What do donors actually receive?
Donors who choose to participate hold an equity position rather than making a tax-deductible one-way gift. The donor's — or investor's — return is tied to the performance of the athletic department. Participation is optional; traditional giving continues for those who prefer it.
How do donors and investors make money?
A donor or investor has the ability to sell their interest to a qualified buyer based upon the appreciated value of the spun-out sports program.
How is this different from a collective?
A collective raises and spends annually, so the pressure to fundraise never ends. Northstar converts that recurring ask into a single governed capital raise, delivering significant up-front capital and giving existing collectives a structured way to wind down.
Is it compliant with NCAA rules?
The structure is designed to align with NCAA guidance and to preserve university independence. Because the rules governing collegiate compensation continue to evolve, every engagement is reviewed against current guidance with the institution's own compliance and legal teams.
Do non-revenue and Title IX sports really benefit?
That is the point of the model. Capital raised against the value of the top programs is deployed across the department, and can be ring-fenced for women's and Olympic programs so scholarship and roster commitments hold steady.
What does the process look like and how long does it take?
It begins with a briefing and a pro forma modeled from your own numbers, then structuring, then a donor-first offering process. Timelines depend on institutional approvals; the modeling stage typically moves in weeks, not seasons.
Expert Oversight
Deep operating experience
Our partners have been in senior management roles and know the pressures. We bring in additional senior advisors on an as-needed basis to ensure excellence.
Talk with the teamPartner
Mark Lieberman
Former CEO of Viamedia, Chairman of Rightster (AIM: RTH), and current Operating Advisor of Blackstone.
Partner
Ron Frankel
Former CEO of Synacor (NASDAQ: SYNC) and advisor/board member for multiple high-growth companies.
Senior Education Advisor
Gabe Feldman
Current director of Tulane University's Sports Law Program and Co-Director of the Tulane Center for Sports.
Start The Conversation
Find out what the programs in your athletic department are actually worth
We'll walk your leadership through the Project Northstar structure, a pro forma built on your programs, and how your existing donor base participates. Donors and investors are welcome to reach out directly as well.
Or email mark@emergetic.com