Report: Howard men's basketball coach pitching ownership stake for potential investors

WASHINGTON — Howard University's men's basketball coach is reportedly pitching a proposal to potential investors in which a 33% stake in the program could be sold for $100 million.

“College athletics is a full-fledged business now,” Kenny Blakeney, the team's coach, told the Washington Post.

Blakeney has met with a private equity firm and spoken with private equity investors, according to the report, which said he is eyeing upgrades to the team's arena and roster and a possible move to a bigger conference. Howard currently plays basketball in the Mid-Eastern Athletic Conference.

The athletic department did not immediately respond to a message seeking comment Monday. The Washington Post report said Blakeney was holding off on more significant discussions with school officials until investors are lined up.

It's not clear how realistic Blakeney's pursuit of that kind of investment money is, but his efforts are another indication of how creative schools may become — particularly schools that don't already generate massive revenue through athletics — as college sports moves toward significant revenue sharing with athletes.

“We’re just at the beginning of it,” Blakeney said. “But I do feel like there is a short window of opportunity because the speed that NIL is moving, the transfer portal is moving, the professionalism of our business is happening."

The NCAA, along with the Atlantic Coast Conference, Big Ten, Big 12, Pac-12 and Southeastern Conference, have agreed to a plan to allow schools to share revenue generated by athletics with athletes. Schools will be permitted to divert about $22 million to their athletes, starting in 2025, a number that is expected to rise as athletic revenues rise for power conference schools.

In a statement, Howard University Athletic Director Kery Davis said Blakeney's statements had not been vetted by university leadership. A full statement is below:

“Men's Basketball Head Coach Kenny Blakeney is a terrific leader of young men and has made a significant contribution to our Athletics Department and the University at large, recruiting phenomenal student athletes and navigating the program to consecutive Mid-Eastern Athletic Conference Championships and NCAA Tournament appearances the last two seasons. Like all of our coaches and athletic administrators, Coach Blakeney continues to enthusiastically explore ideas to generate financial support that will allow our student athletes to be more competitive as they represent the University. Over the years, we have been extremely fortunate to secure sponsorships and gifts that have tremendously helped our 21 Division I teams, from a multi-million-dollar renovation of our training facility to covering expenses for student athletes to engage in cultural enrichment programs allowing them to travel and compete abroad. 

Recent remarks attributed to Coach Blakeney reflect his own personal ideas and have not been vetted by University leadership.”