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Private equity-backed company helps fund Rice-Eccles Stadium suite expansion

Private equity-backed company helps fund Rice-Eccles Stadium suite expansion

Money Moves Salt Lake City, UT local

Utah trustees approved a $39.1M premium project, and the private equity-funded company running the sales is already selling suites, terraces and field boxes

October 15th, 2026: PNC Bank puts its name on a fourth-floor terrace

Overview

Updated Oct 22

Utah trustees approved a $39.1 million premium-seating renovation at Rice-Eccles Stadium on Oct. 13. Suite work is set to start Jan. 5, 2027 and finish by August 2027, covering refreshed suites on levels 4 and 5, six new suites and a club on level 6, and a club behind the north end zone.

Crimson Brand Partners, the athletic department's for-profit company backed by Otro Capital, is paying with capital set aside in the private equity deal. PNC Bank put its name on a fourth-floor terrace, and 42 ALKEME field-box seats were scheduled to debut at the Oct. 24 Houston game. The Utes were 6-0 under new coach Morgan Scalley when the arrangement's early returns were reported in late October.

Why it matters

If private equity can profitably fund premium seating at a public university, expect more athletic departments to sell stakes to investors.

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Key Indicators

$39.1M
Project budget
Approved by University of Utah trustees on Oct. 13, 2026. Construction costs $27.56M; $12M covers design, legal and insurance.
42
New field-level seats
Seats in ALKEME Field Boxes in the north end zone, with leather chairs and personal screens. They were scheduled to soft-launch at the Oct. 24, 2026 Houston game and sell as a two-game package for Nov. 7 and Nov. 27.
Jan. 5, 2027
Construction start
Date listed in the university's solicitation for the premium project. Design and construction-management proposals were due Nov. 6, 2026.
51,444
Stadium capacity
Seating capacity after the 2021 Ken Garff Red Zone expansion.
53,644
Single-game attendance record
Set during the season-opening win over Florida in 2023.

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People Involved

Jeff Labrum
Jeff Labrum
Chief Operations Officer, University of Utah
Managing the stadium project
 Mark Harlan
Mark Harlan
Athletic Director, University of Utah
Oversees athletic department's premium seating push
KE
Katie Eccles
Chair, University of Utah Board of Trustees
Presided over project approval
JA
Joel Adams
Chief Ticketing Officer, Crimson Brand Partners
Selling the new field-level boxes
MS
Morgan Scalley
Head Football Coach, University of Utah
Coached Utah to a 6-0 start in 2026

Organizations Involved

University of Utah
University of Utah
Public research university
Owner of Rice-Eccles Stadium

Public university in Salt Lake City that owns and operates Rice-Eccles Stadium through its athletic department.
Crimson Brand Partners
Crimson Brand Partners
For-profit athletics commercial company
Runs Utah's commercial operations and co-funds the stadium project

The University of Utah athletic department's for-profit arm, capitalized through an investment from Otro Capital.
Otro Capital
Otro Capital
Private equity firm
Investor in Crimson Brand Partners

Private equity firm with sports investments, including a minority stake in the Alpine Formula One team.

Timeline

1998 October 2026

10 events Latest: October 15th, 2026 · 4 weeks ago
Tap a bar to jump to that date

  1. PNC Bank puts its name on a fourth-floor terrace

    Latest Sponsorship

    Utah and PNC Bank announced a multi-year sponsorship that creates The PNC Terrace on level 4 of the stadium's west tower, with new seating, lighting and decor.

  2. Trustees approve $40M suite expansion

    Decision

    Board approves new West Tower suites, refreshed existing suites, and field-level seating in the north end zone. Crimson Brand Partners co-funds the project.

  3. Project cost breakdown disclosed

    Update

    Salt Lake Tribune reports the $39.1M project breaks down to $27.56M construction and $12M in soft costs. University has begun soliciting architects and engineers.

  4. University solicits designers and construction manager

    Procurement

    Utah seeks architectural and engineering firms, plus a construction manager/general contractor, for the premium project. Proposals are due Nov. 6, 2026, and construction is scheduled to start Jan. 5, 2027.

  5. ALKEME field boxes announced for Houston game

    Launch

    Utah unveiled 42 open-air field-level seats in the north end zone, sold in four-seat boxes plus one six-seat box, with all-inclusive food service and personal screens. They were set to soft-launch at the Oct. 24 Houston game and be sold as a two-game package for Nov. 7 against BYU and Nov. 27 against West Virginia.

  6. Attendance record set

    Milestone

    Single-game attendance record of 53,644 set in the season-opening win over Florida.

  7. Ken Garff Red Zone opens

    Expansion

    $80 million south end zone project adds 6,049 seats and luxury suites, raising capacity to 51,444.

  8. New video scoreboard installed

    Renovation

    A 122-by-64-foot high-definition scoreboard, among the largest in college football, is completed.

  9. Seating capacity increased

    Renovation

    Capacity grows from 45,017 to 45,807.

  10. Rice-Eccles Stadium opens

    Construction

    The 46,000-seat stadium opens on the site of the former Rice Stadium, built to host the 2002 Winter Olympics ceremonies.

Scenarios

1

Rice-Eccles Stadium opens new suites on time for 2027 season

Likely Resolves by Sep 15, 2027

Discussed by: University of Utah officials and Deseret News

Designs are finalized by the end of 2026, construction starts in early 2027 after the football season ends, and Scenario limits the August 2027 deadline to suites and the club; field boxes were a 2026-season product.. This is the official timeline laid out by COO Jeff Labrum.

2

Utah suite revenues fall short, private equity model faces questions

Uncertain Resolves by Mar 15, 2028

Discussed by: College athletics finance analysts

If the new premium seats sell below projections, the Crimson Brand Partners and Otro Capital model faces scrutiny. Premium seating demand in Salt Lake City is unproven at this scale, and revenue shortfalls could slow future private equity deals in college sports.

3

Rice-Eccles stadium project delayed, misses 2027 season

Unlikely Resolves by Aug 15, 2027

Discussed by: University of Utah officials acknowledging schedule risk

Design finalization or construction slips past the August 2027 target. The press box relocation to an undetermined location adds complexity. Any delay pushes completion of the premium areas past the 2027 home opener.

4

Utah sells out the new suites before the August 2027 opener

Possible Resolves by Aug 1, 2027

Discussed by: Utah Athletics and Crimson Brand Partners sales staff

The $39.1 million project depends on premium buyers. If the six new level-6 suites and the field club lease before the 2027 season, the private equity funding model gets its clearest endorsement yet.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

Fall 2021

Ken Garff Red Zone expansion (2021)

The University of Utah opened an $80 million south end zone expansion at Rice-Eccles Stadium, adding 6,049 seats and luxury suites. A $17.5 million lead gift from the Ken Garff family was the largest donation in Utah athletics history.

Then

The expansion fueled demand, and the top 17 crowd figures in stadium history came in the three seasons after it opened.

Now

It established premium seating as the stadium's primary revenue model, which the 2026 suite project extends.

Why this matters now

Both projects convert public stadium space into premium, revenue-generating areas funded by non-taxpayer money.

2023

Otro Capital invests in Alpine F1 (2023)

Otro Capital led an investment group that bought a minority stake in Alpine's Formula One team. The firm's approach involves commercializing the brand and selling premium sponsorship to grow revenue.

Then

The deal gave Alpine new capital and Otro a foothold in global motorsport.

Now

It demonstrated Otro's sports investment playbook, which it now applies to college athletics through Utah's Crimson Brand Partners.

Why this matters now

The same private equity firm is applying its sports commercialization strategy to a public university's athletic department.

February 2002

Salt Lake 2002 Winter Olympics (2002)

Rice-Eccles Stadium hosted the opening and closing ceremonies of the 2002 Winter Games. The stadium had opened in 1998, built with Olympic requirements in mind, including a press box designed for world media.

Then

The Games showcased the new stadium to a global audience.

Now

The venue's Olympic readiness became part of Salt Lake City's successful bid for the 2034 Games, which now motivates new premium construction.

Why this matters now

University officials cite the 2034 Olympics as a reason to add suites and premium space now.

Sources

(17)
+11
Deseret News Yahoo Sports / Deseret News Utah Athletics BHB Engineers FFKR Architects The Salt Lake Tribune KSL.com Utah Business Bidscope ConstructConnect Sports & Company Athletic Business Front Office Sports BidNet Direct / University of Utah Facilities KSL.com University of Utah Athletics University of Utah Athletics