On Thursday, journalist Pablo Torre reported that North Carolina general manager Michael Lombardi traveled to Saudi Arabia in August to fundraise for the program.
Later in the day, UNC vice chancellor for communications Dean Stoyer confirmed as much to Brendan Marks and Christopher Kamrani of The Athletic.
Stoyer called it an “exploratory fundraising trip” and said it came “at the invitation of the Saudis,” per that report. It was not funded by university or athletic department funds but rather by the Saudi government, and it did not result any sort of agreement, though Marks and Kamrani reported it was unknown if further communication has taken place.
Per that report, “Lombardi’s trip is not the first time in recent years that North Carolina has explored alternative revenue streams to subsidize its athletic department. According to public records obtained by The Athletic, athletic director Bubba Cunningham had several meetings in 2023 with private equity firms ‘regarding all things college athletics, revenue generation, and conference realignment,’ according to one email thread. Cunningham and UNC ultimately opted not to move forward with any such negotiations after preliminary discussions.”
Marks and Camrani also noted that Colorado assistant coach Trevor Reilly bankrolled his own trip to Saudi Arabia, Jordan and Dubai last year to seek out potential foreign state investors.
The Saudi Arabian Public Investment Fund has continued to involve itself in athletics across the globe, bankrolling LIV Golf and owning the English Premier League’s Newcastle United, among other ventures. It is also buying video game company Electronic Arts, alongside two other investors, for $55 billion.
The PIF’s various entries into the world of sports has come under heavy criticism, however, for being a sportswashing program aimed at sanitizing Saudi Arabia’s human-rights violations.
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