,i #aai? ,,congress #a/ ,session ,h4 ,r4 #efic ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #f1 #bjbe,mr4 ,baumg>tn] introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,education & ,work=ce ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife to prohibit c]ta9 private-equity & sov]eign weal? fund agreem5ts involv+ int]collegiate a?letics4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,protect ,college ,sports f ,private ,equity & ,=eign ,influ5ce ,act or ! ,,protect ,act4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,int]collegiate a?letics are conduct$ "u ! auspices ( nonpr(it in/itutions ( high] education &1 :5 prop]ly gov]n$1 promote /ud5t developm5t1 campus life1 community id5tity1 & broad public engagem5t 9 education--b5efits t con/itute a public good align$ ) ! educational missions ^? in/itutions are *>t]$ to s]ve4 7#b7 ,int]collegiate a?letics g5]ate billions ( doll>s 9 rev5ue annually ?r\gh national m$ia contracts1 sponsor%ips1 & ticket sales t span multiple ,/ates1 creat+ a significant impact on int]/ate comm]ce4 7#c7 ,public in/itutions ( high] education are f9anc$ & support$ by taxpay]s ?r\gh direct appropriations1 tax-exempt /atus1 subsidiz$ ,f$]al /ud5t aid1 & tax-advantag$ debt1 & !re=e h a height5$ obligation to ensure t in/itutional assets--includ+ int]collegiate a?letics programs & facilities--are manag$ = public b5efit & /ud5t welf>e r ?an private enri*m5t4 7#d7 ,agreem5ts t convey own]%ip1 rev5ue-%>+1 control rights1 or security int]e/s 9 int]collegiate a?letics to private equity1 h$ge funds1 or simil> vehicles are inh]5tly conflict$1 create pressure to maximize %ort-t]m ca% fl[s at ! exp5se ( educational & ,title ,,ix obligations1 & risk extract+ weal? f publicly support$ in/itutions & _! /ud5ts--und]m9+ transp>5cy1 acc\ntability1 & ! public purposes = :i* ^? in/itutions exi/4 #c4 ,program p>ticipation agreem5ts ,section #dhg7;a7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajid7;a77 is am5d$ by add+ at ! end ! foll[+3 7#cj7 ,prohibition on private-capital & sov]eign weal? agreem5ts involv+ int]collegiate a?letics 7,a7 ,z a condition ( eligibility "u ?is title1 an in/itution %all n ent] into1 ma9ta91 or p]mit any agreem5t ) a private capital firm or a sov]eign weal? fund t-- 7i7 transf]s1 assigns1 pl$ges1 or o!rwise conveys to su* firm or fund any own]%ip1 pr(it1 net-rev5ue1 or gross-rev5ue int]e/ aris+ f ! in/itution's int]collegiate a?letics program1 includ+ m$ia1 sponsor%ip1 lic5s+1 ticket+1 premium seat+1 data1 or o!r comm]cial rights2 7ii7 grants su* firm or fund control rights ov] a?letics decisions1 in/itutional br&+1 s*$ul+1 p]sonnel1 or /ud5t p>ticipation2 or 7iii7 e/abli%es a jo9t v5ture1 new entity1 or o!r agreem5t ?r\gh :i* su* firm or fund receives any %>e (1 or any int]e/ 91 a?letics-relat$ rev5ues or rights1 includ+ lic5s+ & m]*&is+ rights1 or a?letics facilities or relat$ real prop]ty includ+ any leasehold1 sublease1 concession1 easem5t1 mortgage1 de$ ( tru/1 li51 or simil> prop]ty int]e/4 7,b7 ,exceptions ,subp>agraph 7,a7 %all n apply to3 7i7 fee-=-s]vice contracts = discrete s]vices2 7ii7 *>itable contributions1 gifts1 or grants2 7iii7 tax-exempt bond f9anc+s or lease-pur*ase agreem5ts ) gov]nm5tal units or #eja7;c77#c7 conduit issu]s t d n convey rev5ue int]e/s or control rights to a private capital firm2 or 7iv7 sponsor%ips or adv]tis+ agreem5ts t provide br& placem5t )\t rev5ue-%>+ or control4 7,c7 ,conf]5ce & affiliate cov]age ,an in/itution %all ensure compliance ) ?is p>agraph = any agreem5t ent]$ by an a?letics conf]5ce1 m$ia-rights consortium1 or o!r affiliate t allocates1 assigns1 or encumb]s ! in/itution's a?letics-relat$ rev5ues or rights4 7,d7 ,collectives & controll$ entities ,?is p>agraph applies to any collective1 f\ndation1 affiliate1 or sep>ate legal entity t is directly or indirectly own$1 controll$1 or op]at$ by ! in/itution or its a?letics dep>tm5t4 7,e7 ,c]tification & disclosure ,! ,secret>y %all require annual program p>ticipation agreem5t c]tification t ! in/itution & its affiliates h n ent]$ into any agreem5t describ$ "u subp>agraph 7,a7 & %all require public disclosure ( all agreem5ts rely+ on an exception "u subp>agraph 7,b74 7,f7 ,def9itions ,= purposes ( ?is p>agraph3 7i7 ,private capital firm ,! t]m private capital firm means 7,i7 a h$ge fund or private equity fund z ^? t]ms are def9$ 9 #ab ,u4,s4,c4 #ahea7;h77#b71 7,,ii7 a private fund z def9$ 9 #ae ,u4,s4,c4 #hj;b-#b7;a77#bi71 & 7,,iii7 any inve/m5t advis] 7z def9$ 9 #ae ,u4,s4,c4 #hj;b-#b7;a77#aa77 t advises a fund describ$ 9 subclause 7,i7 or 7,,ii74 7ii7 ,control rights ,! t]m control rights includes cons5t1 veto1 or approval rights ov] budgets1 hir+1 s*$ul+1 competition1 br&+1 or /rategic decisions2 or o!r rights to assume or direct managem5t or op]ations ( an int]collegiate a?letics program or a?letics facility4 7iii7 ,int]collegiate a?letics program ,! t]m int]collegiate a?letics program includes teams1 dep>tm5ts1 conf]5ces1 m$ia or data rights1 ticket+ & premium seat+1 sponsor%ips1 lic5s+ & m]*&is+1 & a?letics facilities us$ prim>ily = int]collegiate v>sity sports competition4 7iv7 ,sov]eign weal? fund ,! t]m sov]eign weal? fund means an inve/m5t fund own$ or controll$ by a =eign /ate1 an ag5cy or in/rum5tality ( a =eign /ate 7z def9$ 9 #bh ,u4,s4,c4 #afjc71 or an ag5t ( a =eign pr9cipal 7z def9$ 9 #bb ,u4,s4,c4 #faa74 7,g7 ,transition ,agreem5ts 9 effect on ! date ( enactm5t %all be br\ght into compliance or t]m9at$ n lat] ?an #bd mon?s aft] su* date4 ,no agreem5t may be r5ew$ or ext5d$ except 9 compliance ) ?is p>agraph4 7,h7 ,rulemak+ ,! ,secret>y ( ,education %all issue regulations to c>ry out ?is p>agraph aft] consultation ) ! ,secret>y ( ! ,treasury & ! ,securities & ,ex*ange ,commission2 & %all1 to ! maximum ext5t practicable1 h>monize su* regulations ) def9itions & int]pretations "u ! ,f$]al securities laws4 4