UVA basketball head coach Tony Bennett resigned his position saying he is "a square peg in a round hole." His comments on the state of college athletics included:
"I think it's right for student-athletes to receive revenue. Please don't mistake me," he said Friday. "The game and college athletics is not in a healthy spot. It's not. And there needs to be change, and it's not going to go back. I think I was equipped to do the job here the old way. That's who I am. "
It's going to be closer to a professional model. There's got to be collective bargaining. There has to be a restriction on the salary pool. There has to be transfer regulation restrictions. There has to be some limits on the agent involvement to these young guys. ... And I worry a lot about the mental health of the student-athletes as all this stuff comes down."
Who's leading the change charge in college athletics? Private equity underwriters (PEU). The greed and leverage boys have invaded professional sports around the globe. Most recent professional team sales involved a PEU or a storied founder. PEU or PEU founder: the management shenanigans are the same.
Coach Bennett's principled retirement will be followed by something. I hope it's not employment in one of the least principled businesses in our country. The buying and selling of companies is bad enough. The flipping of college kids athletic futures sounds downright sinister.
Tony Bennett likely has heard much about private equity from wealthy alumni boosters. One close supporter got in early with The Carlyle Group and unfortunately died from a Covid-19 infection in 2021. In an article titled "A Faithful Fan" Bennett remembered his friend:
“Greg was one of the first people I had dinner with when I got the job 13 years ago,” remembered Bennett. “At the time, I remembered thinking, ‘Wow, this guy is passionate and knowledgeable about UVA Athletics.’ He knew more about my coaching career than I did! Over the years, he became a faithful supporter and friend to our program through the great years and the challenging years. That spoke volumes to me.” Bennett continued: “My wife Laurel and I loved him. He donated a well for the needy in Africa in Laurel's and my names, and to this day, it's one of the most remarkable things someone has done for us. We are all sad that Greg is no longer with us, but we are beyond grateful to have known him and will forever appreciate who he was and what he did for all of us.”A dear friend's employer is not a predictor of Coach Bennett's next step career wise. Nearly everything Tony Bennett has done has been principled, focused on doing the right things in the right way because that's who you are (intrinsic motivation).
PEUs are all about incentives, do this to get that, money, power, political influence. I can't think of a worse next job for Tony Bennett than employment with the greed and leverage boys. However, that is the tidal wave getting ready to engulf college athletics. They need someone like Tony. The question is does Tony need them?