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Forbes Daily Briefing

Meet The Billionaire March Madness Boosters

Forbes Daily Briefing

Forbes

Careers, Business, News, Entrepreneurship

4.612 Ratings

🗓️ 23 March 2025

⏱️ 5 minutes

🧾️ Download transcript

Summary

Inside the C-Suite 16—a group of ultra-rich fans using their combined net worth of $357 billion to bankroll the schools in the 2025 NCAA men’s basketball tournament.

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Transcript

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0:00.0

Here's your Forbes Daily Briefing for Sunday, March 23rd.

0:05.0

Today on Forbes, meet the billionaire March Madness Boosters.

0:11.0

With college sports in their NIL era, or name image and likeness era, it helps to have a big money backer,

0:18.0

the way that Under Armour CEO Kevin Plank, whose estimated net worth is $1 billion,

0:23.3

has bolstered the University of Maryland's athletics department, or the way that David Booth,

0:28.7

who co-founded Dimensional Fund Advisors and is worth $2.5 billion, has donated to his alma mater,

0:35.5

Kansas.

0:37.5

Auburn, the number one overall seed in the NCAA men's basketball tournament bracket,

0:42.5

can tap into the estimated $1.5 billion net worth of Jimmy Rain,

0:47.3

founder of Great Southern Wood Preserving,

0:49.7

which makes decks, fences, and other treated lumber products.

0:53.2

But it's not just powerhouse programs with access to deep pockets.

0:58.0

Body Armor co-founder Mike Rapole, who's worth $1.6 billion, has helped lead a basketball

1:03.8

turnaround at St. John's University, culminating in the program's first Big East tournament

1:08.8

title in 25 years under the Red Storm's second-year

1:12.3

coach, Hall of Famer Rick Petino. Meanwhile, Ryan Smith, co-founder of Enterprise Software Company

1:19.1

Qualtricks and the owner of the NBA's Utah Jazz and the NHL's Utah Hockey Club, has a net worth

1:25.2

estimated at $2.6 billion and supports BYU.

1:29.8

He even pitched in with the recruiting of A.J. DeBanza for next year's team, meeting with the top-ranked

1:35.9

basketball prospect's father and financial advisor, although he later clarified that he didn't

1:41.0

direct any money to DeBanza's NIL package. Still, even those billions look

1:47.0

like chump change next to our list of super-rich superfans, a sweet 16 with a combined net worth

...

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