Here is your Forbes Daily Briefing for Friday, March 20th.

Today on Forbes, meet the billionaire boosters behind March Madness 2026.

Big-time college sports have never exactly been cheap, but over the past five years, as a series of court rulings and policy changes have redirected

the spigot of money toward student athletes through name, image, and likeness, or NIL,

marketing deals, and a revenue-sharing system with universities, athletic departments have grown

increasingly desperate for cash.

Many programs have begun creating or renovating premium seating

options to drive up ticket prices, or signing sponsor agreements that put corporate logos directly

on the field. Other schools aiming to keep up in the arms race are exploring deals with

institutional investors. In December, the University of Utah partnered with Ocho Capital,

and the Big 12 Conference is negotiating with two other private equity firms.

But for all the financial innovation sweeping across college sports,

when it comes to beefing up budgets,

there is still nothing like a deep-pocketed patron.

In a sports business journal analysis of 110 schools, donations rose 40% from 2019 to 2023,

and nearly three quarters of the schools set fundraising records after the new NIL rules went into effect.

And there is no shortage of affluent alumni for universities to tap. Among the 64 teams tipping off in the NCAA men's

basketball tournament on Thursday and Friday this week, several are backed by billionaire boosters.

For example, David Booth, who built a net worth estimated a $2.4 billion

as co-founder of investment firm, Dimensional Fund Advisors, pledged roughly $300 million

to the University of Kansas' athletic department last year, following a separate $50 million

gift announced in 2017.

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