They’re not; the AD is. UCLA keeps everything separate as its own entities. ****, b/c Pauley Pavillion is on campus, the AD actually rents it. Lol.
What happened were two things:
1. Under Armour
2. Covid
Under Armour completely screwed the AD by reneging on that sizable contract. Covid also screwed UCLA b/c of their partnership w/ the Rosebowl. There were no events there for a couple of yrs, and to make matters worst, when things did re-open, the CFB team sucked so they lost more revenue on ticket sales.
That’s why it was imperative for them to sign w/ JB which even though the up front $$ was significantly less, the clauses including % of all merchandise sales (which was huge) paid big dividends to soften the blow, & getting into the B1G was the other big financial stabilizer. Hence, they moved in silence w/ SC b/c as I told everyone, Cal was going to bytch about it b/c that shared revenue would be gone.
Cal also got screwed over royally by UA, btw.