University of Utah and its foundation finalize deal to form Crimson Brand Partners

The partnership marks a major milestone in the launch of the institution's effort to protect its core missions of education and research, while also generating sustainable funding for Utah Athletics. The agreement establishes a long-term framework to drive revenue growth, expand commercial opportunities, and strengthen support for Utah Athletics.

"This new company puts the University of Utah at the forefront of developing creative and strategic solutions to the financial challenges facing college athletics programs across the country," said President Taylor Randall. "Utah will continue to lead out with unique and entrepreneurial ideas for keeping our Utes sports programs financially sustainable and foundational to the student experience."

Crimson Brand Partners, previously introduced as Utah Brands & Entertainment, is an innovative operating model designed to modernize how Utah continues to build its brand and fund its 19 athletics programs—including women's and Olympic sports—over the long term.

The partnership was authorized by the University of Utah Board of Trustees on December 9, 2025. Crimson Brand Partners will manage commercial operations across Utah Athletics and the broader university—including events at stadiums and arenas, branding, licensing and sponsorships, ticketing, and digital media.
Coaching, recruiting, scheduling, student-athlete support and private fundraising will remain with the university. Athletics facilities will continue to be owned by the university.

The company's board will be chaired by Utah Athletics Director Mark Harlan. Matt Webb, a sports business executive with two decades of experience in professional franchises, will serve as chief executive officer and manage day-to-day operations alongside a newly established executive leadership team (detailed below).

"We were intentional about choosing a strategic capital partner in Otro Capital, a firm that brings financial resources and relevant operating experience, which is reflected in their ability to attract a top-tier management team," said Harlan. "We are pleased to be able to bring into this enterprise the exceptional operating experience of Otro Capital's team, combined with our tremendous Utah Athletics staff to form a joint venture that builds the university brand and brings out its best."

Crimson Brand Partners was created to help maximize the long-term value of Utah Athletics while advancing the university's broader mission, Harlan said. He expects the new company to boost the core, revenue-generating programs of Utah Athletics and position the university to strengthen support for women's and Olympic sports.

Crimson Brand Partners officially begins operations at the start of the fiscal year on July 1. The company will operate under the oversight of the university's foundation and its own board, and in close coordination with university leadership and trustees. The company will report annually to the university's foundation and the Board of Trustees.

"This isn't a sponsorship or a licensing deal; it's a real operating partnership," Webb said. "What Utah is standing up with Crimson Brand Partners will provide Utah Athletics with the resources to compete at the highest level and do it in a way that takes pressure off the rest of the university—growing the brand, growing revenue, making gamedays better, and freeing up university dollars for scholarships, research and students."

University of Utah Athletics is comprised of 19 sports programs: baseball, men's and women's basketball, women's cross country, football, men's golf, gymnastics, men's lacrosse, men's and women's skiing, women's soccer, softball, men's and women's swimming and diving, men's and women's tennis, women's track & field (indoor and outdoor), and volleyball.

Covington & Burling and Ray Quinney & Nebeker were legal advisors to the University of Utah and University Foundation. Kirkland & Ellis served as transaction counsel and Gibson Dunn served as fund counsel to Otro Capital.

Introducing Crimson Brand Partners Leadership Team

Matt Webb, a two-decade veteran of professional sports, has been named the first chief executive officer of Crimson Brand Partners, the University of Utah's new athletics venture.

Webb, who has built commercial platforms for the New Orleans Saints, Cleveland Browns and San Diego Padres, will lead an executive team with experience across professional sports, media and brand-building. His appointment completes the final step in forging the partnership of the University's Foundation with Otro Capital, a firm with deep operational experience in sports, media and entertainment.

Webb most recently spent eight years as executive director and vice president of corporate partnerships with the New Orleans Saints and New Orleans Pelicans. He has been serving as a consultant to the foundation since the partnership was first announced. Otro played a central role in recruiting Webb to lead the new venture.

After spending his career in professional sports, Webb says he looks forward to working in college athletics. "Whether it's coaching Little League or attending an NFL game, witnessing athletes perform their craft is something we should cherish," he said. "I love every aspect of it—the competition, the passion, the pageantry. It means so much to so many people, and that is why I wanted to spend my career in sports."

"Crimson Brands is being built to operate at the level you'd expect from a top professional franchise — across media, sponsorships, ticketing and fan experience," Webb added. "Getting to lead that build is a rare opportunity, and it's exactly the kind of challenge I came here for."

As CEO, Webb will oversee a new leadership team that includes:

• Chief Commercial Officer, Alex Schulte—Schulte joins with more than 15 years of sports business experience, serving in leadership roles for the Kansas City Royals, New Orleans Saints & Pelicans, and International Speedway Corporation (now NASCAR).
• Chief Ticketing Officer, Joel Adams—Adams has nearly two decades of ticketing, premium sales and revenue strategy across the NFL, NBA and MLB, including senior roles with the Arizona Cardinals, LA Clippers and Miami Dolphins.
• Chief Financial Officer, Garrett Best—Best brings nearly 20 years of finance and accounting experience across public and private equity-backed organizations, with prior leadership roles at Mediconnect, Verisk, Cotiviti and Biomerics.

Crimson Brands aims to integrate approximately 15 current Utah Athletics employees and is expected to grow to approximately 70 individuals over time. Stabilizing athletics funding through the new company is intended to reduce the prospect of long-term debt, remove pressure to cut less-profitable programs and help secure the future of women's and Olympic sports at Utah.

Media Contacts:
Rebecca Walsh—by email: [email protected], or cell: 801-550-4930; and
Paul Kirk—by email: [email protected], or cell: 801-875-2444.

SOURCE The University of Utah