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Big Ten commissioner Tony Petitti and the Big Ten’s presidents and athletic directors spent more than a year exploring potential outside investors in hopes of raising a bonanza of cash. As of late last week, it appeared they would finally land their white whale.

Petitti was prepared to go forward on a deal by which UC Investments, a public pension plan manager, would pay the league $2.4 billion for a 10 percent cut of a new company, Big Ten Enterprises, even if two holdouts, Michigan and USC, refused to sign on.

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But on Monday, after several weeks of public dissension within league ranks β€” including the chairman of Michigan’s Board of Regents calling the plan a β€œpayday loan” β€” the investors got spooked and hit pause on the discussions for at least several months. No $130 million checks for the other 16 schools just yet.

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