Source: Fortune
Summary
Several billionaire donors are backing top college basketball teams in this year’s March Madness tournament. The global sports entertainment industry is estimated to be worth over $3 trillion, making it an attractive investment for wealthy individuals. Among the billionaire donors are David Rubenstein, co-founder of The Carlyle Group, who has donated over $60 million to Duke University; Jerry Jones, owner of the Dallas Cowboys, who donated $10.65 million to the University of Arkansas; and Tilman Fertitta, CEO of Fertitta Entertainment, who pledged $20 million to the University of Houston. Other billionaire donors include Larry Ellison, who reportedly underwrote a lucrative recruiting package for the University of Michigan, and Daniel Gilbert, who donated $15 million to Michigan State University.
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The strategy enters a familiar phase.
The numbers are staggering: $3 trillion, $270 million, and millions more in individual donations. But what’s really at play is the pursuit of excellence – and the billionaires willing to foot the bill. David Rubenstein’s $60 million gift to Duke is just one example of the lengths to which wealthy alumni will go to support their alma maters. The question is, what’s the real ROI on these investments? Is it the thrill of victory, or something more?
Author: Evan Null
